Merchants Say Allowing More Banks to Price-Fix Debit Card Swipe Fees Would Cost Consumers Billions
MPC called on the House Financial Services Committee to reject a legislative proposal that would allow scores of large banks to price-fix their debit card swipe fees, saying the move could cost consumers as much as $5 billion.
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Merchants Tell Fed Debit Card Swipe Fees Should Be Competitive
MPC told the Federal Reserve that a proposed reduction in high “swipe” fees large banks charge merchants to process debit card transactions is welcome but still provides banks with huge profit margins that no competitive business in the nation could charge.
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Merchants Agree With Durbin That Banks and Airlines Are Undermining Credit Card Rewards
MPC agreed with Senator Richard Durbin that airline industry practices are the biggest threat to credit card rewards and that more competition would help consumers earn better benefits and savings.
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Merchants Back Marshall Call to Pass Credit Card ‘Swipe’ Fee Legislation
MPC welcomed Senator Roger Marshall’s call for Congress to pass the Credit Card Competition Act.
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Credit Card ‘Swipe’ Fees Could Cost Consumers Over $750 Million for Mother’s Day
Rapidly growing “swipe” fees that credit card networks and banks charge merchants to process transactions could cost consumers more than $750 million this Mother’s Day, MPC said.
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Politico Morning Money: Cannabis and Credit Cards
A coalition including the International Brotherhood of Teamsters, the Merchants Payments Coalition and the American Economic Liberties Project says lawmakers should enact legislation to curb credit card swipe fees despite a $30 billion proposed legal settlement that would cap the charges.
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Digital Transactions: Potential Merchant Savings on Swipe Fees Is the Latest Payments Battleground
The latest battle centers on data from payments consultancy CMSPI that says merchants will save $16.4 billion annually in credit card acceptance fees from passage of the proposed legislation, up from an estimated $15 billion in 2023. The increased savings come as the interchange fees merchants pay to accept credit cards surpassed $170 billion in 2023, costing the average family more than $1,100, according to estimates released by the Merchants Payments Coalition.
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Credit Card Competition Act Would Now Save Merchants and Consumers Over $16 Billion a Year
With the Credit Card Competition Act now projected to save merchants and consumers over $16 billion a year, passage is needed more than ever, MPC said.
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Gifts and Decorative Accessories: How Congress Could Save Retailers, Consumers $16 Billion a Year
According to the Merchants Payments Coalition (MPC), the Credit Card Competition Act (CCCA) is projected to save merchants and consumers more than $16 billion a year, so its passage is pivotal for the U.S. economy. “Total swipe fees have jumped above $170 billion per year and cost the average family more than $1,100,” said Christopher Jones, MPC executive committee member and National Grocers Association SVP of Government Relations and Counsel. “Given those exploding numbers, the Credit Card Competition Act would save people an estimated $16 billion per year. Small businesses and their customers desperately need a competitive market system and the savings that would come from this legislation. It’s a modest hit to card industry revenues but very significant to those who ultimately pay these fees.”
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Swipe Fee Cost for Average Household Tops $1,100
Soaring credit and debit card swipe fees cost the average U.S. household more than $1,100 last year, MPC said.
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