FOR IMMEDIATE RELEASE
Contact: J. Craig Shearman
(202) 257-3678 craig@shearmancommunications.com
Average Swipe Fees Equal a Greeting Card or 3 Pieces of Chocolate
WASHINGTON, Feb. xx, 2026 — Credit card swipe fees that President Donald Trump calls the “out of control Swipe Fee ripoff” could cost consumers more than $683 million in higher prices this Valentine’s Day, the Merchants Payments Coalition said today.
“For restaurants, swipe fees are anything but a love story,” MPC Executive Committee member and National Restaurant Association Director of Technology and Innovation Policy Brennan Duckett said. “On one of the year’s biggest dining holidays, these excessive fees raise costs for restaurant operators and for every couple trying to enjoy a special night out. It’s time for Congress to show some love to small businesses and their guests by passing the Credit Card Competition Act.”
Consumers are expected to spend an average $199.78 on Valentine’s Day items such as candy, flowers, jewelry, greeting cards and meals and entertainment this year for a total of $29.1 billion, according to the National Retail Federation’s annual survey. Based on the average 2.35% rate for Visa and Mastercard, that would include an average $4.69 in swipe fees — as much as a typical Valentine’s greeting card or three pieces of chocolate from a mid-range gift box — and would add up to $683.9 million if all purchases were made with credit cards. With swipe fees constantly rising, that’s up from $621.5 million last year.
Valentine’s Day spending will give banks and card networks lucrative profits as they take a percentage of each purchase made with a card. A $160 “Classic Love” red rose bouquet can include $3.76 in swipe fees. The swipe fees on a $64 box of chocolates amount to $1.50. A $200 dinner for two can run over $5 for swipe fees on the meal and tip, and a $50 bottle of wine or champagne adds another $1.17 in swipe fees.
The biggest swipe fee cost is for couples getting engaged. BRIDES magazine says couples spend an average $6,000 on a one-carat natural diamond engagement ring, which would include a swipe fee of $141.
By category, swipe fees could account for $164.5 million of the $7 billion consumers are expected to spend on jewelry, $148 million of $6.3 billion spent on evenings out, $82.3 million of $3.5 billion spent on clothing, and $72.9 million of $3.1 billion spent on flowers.
Exact figures are difficult to calculate because not all purchases are paid for with credit cards. But about 75% of in-person purchases are made with plastic, according to the Federal Reserve, and card industry rules make cash discounts difficult. Online, nearly all purchases are paid for by debit or credit card, and swipe fees are even higher for virtual payments than in-store payments — including restaurant take-out orders paid for online. (Three-quarters of restaurant orders are consumed elsewhere.)
Credit and debit card swipe fees — which have risen 70% since the pandemic and reached a record $187.2 billion in 2024 — are most merchants’ highest operating cost after labor. The fees are too high to absorb, especially for small merchants, and drive up consumer prices by nearly $1,200 a year for the average family.
Trump last month endorsed the Credit Card Competition Act, saying it is needed “to stop the out of control Swipe Fee ripoff.” The lead sponsors of the bipartisan legislation are Senators Roger Marshall, R-Kansas, and Dick Durbin, D-Ill., and the measure has the support of almost 2,000 companies as well as a broad group of consumer, labor and pro-competition organizations. Last week, nearly 350 merchant groups sent lawmakers a letter calling for passage, and consumer, antimonopoly and small business groups did the same earlier in January.
Under the bill, banks with at least $100 billion in assets would be required to enable credit cards to be processed over at least one unaffiliated network like Star, NYCE or Shazam in addition to Visa or Mastercard. The measure is expected to result in competition over fees, security and service that would save merchants and their customers over $17 billion a year. Visa and Mastercard currently control over 80% of the credit card market and each centrally sets the swipe fee rates charged by all banks issuing cards under their brands. Each also restricts transaction processing to its own network.
About MPC
The Merchants Payments Coalition represents retailers, supermarkets, convenience stores, gasoline stations, online merchants and others fighting for a more competitive and transparent card system that is fair to consumers and merchants. Follow MPC on Twitter, Facebook or LinkedIn for the latest on swipe fees.