Credit and Debit Card ‘Swipe’ Fees Totaled $224 Billion in 2023, Nearly One-Third More than Previously Believed
MPC welcomed new data released today by payments consulting firm CMSPI showing that “swipe fees” big banks and card networks charge merchants to process credit and debit card transactions totaled $224 billion last year, nearly a third more than previously believed.
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Merchants Say CFPB Should Focus on ‘the Source of the Problem’ With Cash-Back Fees in Towns Abandoned by Banks
Fees that some merchants charge consumers to give them cash back on debit card transactions are the fault of banks setting high “swipe” fees charged to merchants and failing to provide services in small towns, MPC said.
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Credit Card ‘Swipe’ Fees to Account for Nearly $3 Billion of 2024 Back-to-School Costs
“Swipe” fees banks charge merchants to process credit card transactions will drive up the price of school and college supplies by almost $3 billion this year and cost the average family between $20 and $30, MPC said.
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New Survey Shows Overwhelming Majority of Voters Want Congress to Pass the Credit Card Competition Act
An overwhelming majority of likely voters want Congress to pass the Credit Card Competition Act, and both Democrats and Republicans are more likely to support Senate candidates who back the measure, according to a new survey released by MPC.
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Airport Restaurants and Retailers Join Merchants Payments Coalition
MPC announced that the Airport Restaurant and Retail Association has joined the coalition.
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Merchants Welcome Order Officially Rejecting Flawed Visa/Mastercard Swipe Fee Settlement
MPC welcomed an order issued by a federal judge rejecting a proposed class-action settlement over Visa and Mastercard credit card “swipe” fees.
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Consumer and Merchant Groups Urge Senate to Reject Bill Delaying Fed Action on Debit Card Swipe Fees
More than 200 state and national organizations representing consumers and merchants called on the Senate to reject legislation that would delay the Federal Reserve’s proposal to reduce how much big banks are allowed to charge to process debit card transactions.
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Merchants Welcome Judge’s Statements Indicating Likely Rejection of Proposed Visa/Mastercard Swipe Fee Settlement
MPC welcomed comments by a federal judge indicating that she is likely to reject a proposed class action settlement over Visa and Mastercard credit card “swipe” fees.
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Opposition to Proposed Visa/Mastercard Swipe Fee Settlement at Court Hearing Shows Need for CCCA
Strong opposition from merchants voiced at a hearing on a proposed class action settlement over Visa and Mastercard credit card “swipe” fees shows the need for Congress to pass the Credit Card Competition Act, MPC said.
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Credit Card ‘Swipe’ Fees Could Cost Consumers Over $500 Million for Father’s Day
High “swipe” fees that credit card networks and banks charge merchants to process transactions could cost consumers more than $500 million this Father’s Day, MPC said.
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