EBay Drops American Express Cards Over 'Unacceptably High Fees'

(RTTNews) - eBay Inc. (EBAY) Wednesday said it has decided to no longer accept American Express Company's (AXP) cards as a payment option from August 17, due to "unacceptably high fees for processing credit card transactions."

The decision comes as retailers paid over $172 billion in card-processing fees last year, higher than fees acceptable by similar cards such as Visa Inc. (V) and Mastercard Inc. (MA), Bloomberg reports.

In response to eBay's decision, American Express stated "We find eBay's decision to drop American Express as a payment choice for consumers to be inconsistent with their stated desire to increase competition at the point of sale".

Currently, eBay's stock is moving down 1.28 percent, to $53.06 on the Nasdaq.