MPC Hill Blast: ICYMI: NY Times Podcast Says Swipe Fees Are ‘Just Killing’ Restaurants
On a recent episode of The New York Times podcast “The Daily,” Times food writer Brett Anderson told host Michael Barbaro what he keeps hearing from restaurant owners: "these 2% to 4% swipe fees are just killing them."
READ MORE +MPC Hill Blast: ICYMI: ‘Airline Cards Are Messing Up the Whole Industry’ — NY Times
This piece in the New York Times lays out some of the problem web of ties and monopolistic practices between the credit card and airline industries. It makes clear that the few dominant airlines use credit card loyalty programs “as a weapon against carriers like Spirit” — blocking competition that could give customers better prices and service. And it shows that credit cards “marry the biggest banks to the biggest airlines.”
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Illinois Swipe Fee Ruling Compounds a Costly Mistake for Consumers
The Merchants Payments Coalition today expressed strong disapproval of a federal court decision shielding federal credit unions from an Illinois law protecting its people from credit card swipe fees on sales tax and tips.
READ MORE +MPC Hill Blast: Trump and Vance Endorse the Credit Card Competition Act Again … and Again
President Donald Trump and Vice President J.D. Vance know that the Credit Card Competition Act would bring long-overdue competition to the credit card marketplace and help stop the swipe fee ripoff. In fact, the President and Vice President have expressed public support for lowering swipe fees and the CCCA on FIVE separate occasions in recent months. In his most recent statement of support last week, President Trump expressed urgency: “… a bill we’re going to pass as soon as possible.” Let’s help the President make it happen.
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Merchants Welcome Trump Promising to Pass Credit Card Competition Act ‘As Soon As Possible’
MPC today welcomed President Donald Trump’s pledge to pass the Credit Card Competition Act “as soon as possible,” a move that marks the administration’s strongest support yet for the bipartisan legislation.
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 15.1 cents on the average gallon of diesel, costing American consumers $63.7 million per day.
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Merchants Welcome Vance Support for Credit Card Swipe Fee Reform
MPC welcomed Vice President J.D. Vance’s call for credit card swipe fee reform, which came amid growing White House and congressional support for action to keep the hidden fees from driving up prices for consumers.
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Nearly 1,000 Merchants Tell Judge Proposed Settlement of Visa/Mastercard Lawsuit is ‘Riddled With Loopholes’
MPC said today that nearly 1,000 businesses and trade associations have called on a federal judge to reject the proposed settlement of merchants’ lawsuit over Visa and Mastercard credit card swipe fees that drive up consumer prices, saying the deal fails to provide adequate relief.
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Merchants Welcome Trump Backing of Credit Card Swipe Fee Reform at GOP Midterm Convention
MPC welcomed President Donald Trump’s latest call for credit card swipe fee reform, which took place at the Republican midterm convention in Dallas.
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Restaurant Business: Swipe fees cost businesses billions — here's why that might finally change
“Small businesses and restaurants get hit particularly hard,” Doug Kantor, general counsel at the National Association of Convenience Stores (and MPC Executive Committee member), said. “Visa and Mastercard systematically charge small businesses more in swipe fees. Also, the swipe fees get charged as a percentage against the tipped and taxed amount, not pre-tax and tip. That’s a huge penalty to businesses that operate on tips.”
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