Merchants Oppose Letting Banks Increase Debit Card Swipe Fees as Consumers Face Affordability Challenges
MPC and member trade associations today urged the Senate Banking Committee to reject a proposal that would allow dozens of large banks to increase the fees they charge merchants to process debit card transactions, saying the move would mean higher prices for consumers.
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Merchants Welcome Passage of Colorado Bill to Ban Swipe Fees on Sales Tax
MPC welcomed passage of legislation that would ban credit and debit card swipe fees on sales tax in Colorado and called on Gov. Jared Polis to sign the measure into law as soon as possible.
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MPC Hill Blast: Lower Swipe Fees, Consumers Save
A new Harvard Business School working paper says "Lower interchange fees lead to increased sales and lower prices.”
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Daily Toll of Credit Card ‘Swipe’ Fees on Gas and Diesel Tops $60 Million
The amount big banks and card networks may collect in credit card “swipe” fees on gasoline and diesel has now reached as much as $60 million a day, MPC said.
READ MORE +MPC Hill Blast: Fuel Price/Swipe Fee Tracker
Credit card swipe fees currently amount to 10.5 cents on the average gallon of gas and 13.3 cents on the average gallon of diesel, costing American consumers $60.9 million per day.
READ MORE +MPC Hill Blast: $9.2 Billion
A new Harvard Business School paper says credit card swipe fees and rewards transfer $9.2 billion a year from low- and middle-income households to wealthier households.
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Visa Joins Banks in Seeing ‘Swipe’ Fee Windfall as Fuel Prices Increase
New financial results reported by Visa show the credit card network is seeing a huge increase in profits fueled partly by “swipe” fees on gasoline and diesel prices, MPC said. Visa reported that net profits for the quarter ending March 31 were up 32% year over year, totaling $6 billion on revenue of $11.2 billion.
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Merchants Say OCC Rule Blocking Illinois ‘Swipe’ Fee Law Contradicts President Trump and Endorses Price Fixing
MPC called on the administration to retract rules issued by the Office of the Comptroller of the Currency that would block state laws on credit card swipe fees, saying the rules contradict President Donald Trump’s call for lower swipe fees and endorse the price-fixing of all fees charged by banks.
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CardRates.com: Home > Credit Card News Interchange Battle Intensifies as OCC Targets Illinois Law
“The OCC is taking advocating for big Wall Street banks to a whole new level,” Doug Kantor, National Association of Convenience Stores General Counsel and Executive Committee Member of the Merchants Payments Coalition, told Payments Dive. “The court clearly ruled that Illinois can regulate credit card swipe fees.”
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Wall Street Swipes Mother’s Day Carnations With Almost $900 Million in Credit Card Fees
Rapidly growing credit card “swipe” fees that President Donald Trump calls a “ripoff” could cost consumers nearly $900 million this Mother’s Day, MPC said.
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