eBay customers will no longer be able to use American Express cards to pay for purchases from this summer.
The online marketplace announced Wednesday that it would no longer accept the cards from August 17. It blamed the ‘unacceptably high fees’ imposed by AmEx for processing transactions.
It is a blow to American Express, which has become a favorite among Gen Z consumers, and whose customers are often the most attractive among merchants as they tend to spend the most money per month on their cards.
eBay is not the only company to drop AmEx over its fees to retailers, which can be as high as 4 percent.
Retail giant Costco also walked away from the card company nearly a decade ago. Smaller restaurant chains have also stopped taking the payment processor.