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.
READ MORE +
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.
READ MORE +
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.
READ MORE +
New Ad Warns Credit Card Competition Act is Needed to Block China UnionPay from U.S. Credit Cards
A new television commercial being aired by MPC warns that there is no bar to China’s payment network processing Americans’ credit card data unless Congress passes the Credit Card Competition Act.
READ MORE +
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.
READ MORE +
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.
READ MORE +
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.
READ MORE +
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.
READ MORE +
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.
READ MORE +
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.
READ MORE +