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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Chain Drug Review: Wall Street swipes Mother’s Day carnations with almost $900 million in credit card fees
"Credit card swipe fees are taking carnations right out of every mom’s bouquet this year,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said. “When these fees inflate the cost of flowers, or a special brunch for Mom, Americans’ dollars don’t go as far as they should. Credit card companies make life less affordable every day for Mom — and the rest of the family. Do Wall Street banks and credit card companies even care that it’s Mother’s Day?"
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MPC Hill Blast: Why Do Convenience Stores Care About High Credit Card Swipe Fees?
Credit card swipe fees are out of control. Total payment card swipe fees were $198 billion last year. The fees have increased by 80% since 2020. For all Main Street retailers, the fees are their second-highest operating cost on average. Is there a reason that convenience stores in particular care? Yes — annual data that has just been compiled for the year 2025 demonstrates this vividly.
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Payments Dive: How the Visa-Mastercard card fee case may end
Doug Kantor, general counsel for NACS, the convenience stores’ trade group (and MPC Executive Committee member), said in an interview April 9 that “the settlement does absolutely nothing to require or incentivize banks to compete with each other, which is the central problem in all of this.”
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Credit Union Daily: Rising Gas Prices Give Merchants Group Fuel to Highlight Swipe Fees
“Big banks and card networks are seeing a windfall as fuel prices rise,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said in a statement. “It doesn’t cost them any more to process gas purchases at $4 a gallon than it did at $2, but they are collecting more on every gallon and profiteering on the backs of American motorists. Swipe fees drive up the price of gas in the family car but do the same for the diesel that fuels tractor-trailers, ultimately adding to the price of every product delivered over our nation’s highways. This is part of the swipe fee ripoff condemned by President Trump, and it’s time for Congress to follow his lead by bringing competition to these price-fixed fees.”
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Bloomberg: Merchants Use Iran War Gas Spike to Lobby for Curbing Swipe Fees
“Big banks and card networks are seeing a windfall as fuel prices rise,” said Doug Kantor, general counsel at the National Association of Convenience Stores and an executive committee member of the merchants’ coalition, in a statement shared first with Bloomberg Government. ... “This is part of the swipe fee ripoff condemned by President Trump, and it’s time for Congress to follow his lead by bringing competition to these price-fixed fees,” Kantor said.
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‘Profiteering’ Big Banks See Windfall From Credit Card ‘Swipe’ Fees as Fuel Prices Rise
Huge profit increases reported by major card-issuing banks come as they are collecting as much as $58 million a day in credit card “swipe” fees on gasoline and diesel as fuel prices soar because of the conflict in Iran, MPC said.
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