Nearly 2,000 Companies and 270 Trade Associations Call for Passage of Credit Card Competition Act
Close to 2,000 companies and a total of 270 trade associations from across the country signed letters this week calling on Congress to pass the Credit Card Competition Act, the Merchants Payments Coalition said.
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Merchants Say Reintroduced Credit Card Competition Act Would Save Businesses and Consumers Billions
MPC welcomed reintroduction of the Credit Card Competition Act, saying the measure would provide relief from billions of dollars in rapidly rising “swipe” fees that drive up prices for consumers.
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U.S. Merchants Say Canadian Deal Shows Credit Card Swipe Fees Could be Lowered Here
MPC said an agreement in Canada to lower credit card “swipe” fees shows that the fees could be reduced in the United States as well.
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Credit Card Fees Could Cost Consumers Almost $800 Million for Mother's Day
Rising “swipe” fees big banks and credit card networks charge merchants to process transactions could cost consumers nearly $800 million this Mother’s Day, MPC said.
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Merchants Say Record JPMorgan Revenues Show Need to Address Swipe Fees
MPC says record first-quarter revenue and near-record profits at JPMorgan Chase, the nation’s largest credit card issuer, show the need for Congress to pass the Credit Card Competition Act.
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Credit Card Fees Could Swipe a Dozen Easter Eggs and Cost Consumers Over $500 Million
Rising “swipe” fees big banks and credit card networks charge merchants to process transactions could cost the average consumer the equivalent of a dozen eggs this Easter and potentially total over half a billion dollars nationwide, MPC said.
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Merchants Call for Action as Swipe Fees Rise Again
MPC called on Congress and the Federal Reserve to move quickly to address credit and debit card swipe fees, citing new data showing the fees increased dramatically again last year and now cost the average family over $1,000 a year.
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Merchants Say Fed Should Not Delay Move to Increase Competition Over Online Debit Transactions
MPC said the Federal Reserve should turn down a request from banks to delay implementation of its long-sought clarification that merchants’ right to choose which payment networks process debit card transactions applies the same online as it does in stores.
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Merchants Tell Congress Credit Card Competition Act Would Block National Security Threat from China UnionPay
The Merchants Payments Coalition told a House committee holding a hearing on economic threats from China that passage of the Credit Card Competition Act is needed to keep China from “infiltrating” the U.S. payments processing market.
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Credit Card 'Swipe' Fees Could Cost Consumers Over $500 Million on Valentine's Day
Rising swipe fees banks charge merchants to process credit and debit card transactions could potentially cost consumers over $500 million in higher prices for everything from cards and candy to roses and rings this Valentine’s Day, MPC said.
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