Visa (V), Mastercard (MA) and American Express (AXP) Hit; EU May Cap Fees

Credit card companies were hit after-hours on Tuesday. The decline relates to a proposal in Europe that would cap transaction fees on cards. According to the Financial Times, an EU commission proposed a 0.2% ceiling on all consumer debit transactions and 0.3% cap on credit card transactions, introduced after a two-year transition period where the ceiling applies only to cross-border fees. The changes are seen cutting into fees earned by credit card companies in the EU.

Shares of Visa (NYSE: V) Mastercard (NYSE: MA) and American Express (NYSE: AXP) are trading lower on the news.

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