eBay has announced it will no longer accept American Express cards as a form of payment starting August 17, citing 'unacceptably high fees' imposed by Amex, which can reach up to 4 percent.Read more: Compare the Best Capital One Credit CardsSimilar to other payment processors, Amex charges a percentage fee on every transaction a merchant processes through their network.American Express is the most popular card in the U.S., especially among millennials and Gen Z.
eBay canceling acceptance will not change those numbers and, in the US, we continue to maintain 99% parity coverage.'Read more: List of Credit Card IssuerseBay's spokesperson said to Newsweek: 'Based on research, we know that the vast majority of eBay customers are willing to use alternative payment options to continue enjoying buying and selling on our marketplace.