Merchants Say Soaring Bank Profits Show Need to Pass Credit Card Competition Act
High profits reported last week by three of the nation’s largest credit card-issuing banks show the need for Congress to pass the Credit Card Competition Act, MPC said.
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Mastercard Plans to Raise Credit and Debit Card Fees by Over $250 Million Despite Settlement
Almost immediately after agreeing to reduce “swipe” fees charged to merchants to process credit card transactions, Mastercard plans to increase fees for both credit and debit card transactions by more than $250 million this month, MPC said.
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Proposed Visa/Mastercard Swipe Fee Settlement Won’t Help Main Street
A proposed agreement for Visa and Mastercard to reduce “swipe” fees charged to merchants to process credit card transactions would provide “very small relief” and does not end the need for Congress to pass legislation, MPC said.
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Merchants Support Senator Durbin’s Comments in Favor of the Credit Card Competition Act
The Merchants Payments Coalition today welcomed comments by Senate Judiciary Committee Chairman Richard Durbin, D-IL, in support of the Credit Card Competition Act. Sen. Durbin also chided the CEOs of Visa, MasterCard, United Airlines and American Airlines for rejecting his invitation to address the issue at an April 9 hearing on swipe fees.
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Visa, Mastercard Credit Card Swipe Fees Hit Record $100 Billion for First Time in 2023, Underscoring Need for Congressional Action
American merchants were charged $7.5 billion more for credit cards with Visa and Mastercard logos in 2023 than they were in 2022 – a total of $100.77 billion. This was the first time in history that Visa and Mastercard credit card swipe fees surpassed the $100 billion mark.
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Credit Card Fees Could Swipe a Dozen Easter Eggs and Cost Consumers More Than $500 Million
Rising “swipe” fees big banks and credit card networks charge merchants to process transactions could total more than $500 million this Easter and cost the average consumer more than the price of a dozen eggs, MPC said.
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JPMorgan to Add Competing Network to Cards in France Despite Banks’ Opposition to Same in U.S.
JPMorgan Chase’s move to add a competing processing network to Visa and Mastercard credit cards it issues in France shows that the banking industry’s objections to the Credit Card Competition Act “are complete fabrications,” MPC said.
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Consumer and Merchant Groups Urge Congress to Reject Bill Delaying Fed Action on Debit Card Swipe Fees
Nearly 70 national and state organizations representing consumers and merchants called on Congress to reject legislation introduced by Rep. Blaine Luetkemeyer, R-Mo., that would delay the Federal Reserve’s proposal to reduce the regulated rate for debit card swipe fees.
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New Data Shows Banks ‘Triple Dipping’ By Increasing Credit Card Interest, Annual Fees and Swipe Fees
Recent data shows the rise in credit card “swipe” fees that has driven up prices for consumers by billions of dollars over the past decade has come as banks have also dramatically increased annual fees and the money they take from consumers through interest, MPC said.
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Merchants Say Capital One/Discover Deal Shows Need for Credit Card Competition Act
MPC says Capital One’s plans to acquire Discover won’t lead to badly needed competition over credit card “swipe” fees unless the Credit Card Competition Act becomes law.
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