eBay announced that it will no longer accept American Express, beginning August 17, 2024, citing “unacceptably high fees.”

American Express is one of the most sought after credit cards, and its customers tend to be among the highest credit card spenders. Unfortunately, the company’s high fees don’t always make up for increased business merchants see.

eBay is one of those merchants, calling out American Express for “unacceptably high fees” at a time when credit card fees should be declining.

“After careful consideration, eBay has decided to no longer accept American Express globally effective August 17 due to the unacceptably high fees American Express charges for processing credit card transactions,” reads the company’s statement. “At a time when payment processing costs should be declining because of technological advancements, investments in fraud capabilities and customer protections by merchants like eBay, credit card transaction fees continue to rise unabated because of a lack of meaningful competition. As consumers and small businesses are worried about inflation and rising costs, there is a need for more robust regulations to drive greater competition to credit card networks and help reduce transaction processing costs for merchants and their customers.”

eBay says its customers are willing to use alternative payment methods in the absence of American Express.

“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….Our customers have a deep affinity for eBay due to our unique inventory, attractive prices, and the meaningful role eBay plays in powering recommerce to contribute to a healthier planet.”