Hotel Owners Call Credit Card Swipe Fees ‘Worse Than What OPEC Does’
The Asian American Hotel Owners Association, a leading member of the Merchants Payments Coalition, is calling on Congress to pass the Credit Card Competition Act to bring down credit card “swipe” fees that drive up consumer prices.
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Digital Transactions: Observers And Lawmakers Handicap the CCCA’s Chances As It Heads Back to Congres
“The Senate Judiciary Committee [hearing in November] showed there was a lot of support across the aisle, and even skeptics indicated it would pass. It is just a question of when,” says Doug Kantor, an executive committee member for the Merchants Payments Coalition and general counsel for the National Association of Convenience Stores. “From our perspective, there is a lot of support across the aisle.”
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Payments Dive: Durbin to reintroduce credit card competition bill
“The hearing in the Senate Judiciary committee last year gave a lot of momentum to the Credit Card Competition Act” legislation, Doug Kantor, general counsel for the National Association of Convenience stores, said in an interview Tuesday. That hearing “showed that there is very broad bipartisan support” for the bill. “Even skeptics believe it will pass, and it’s just a matter of time,” added Kantor, who is also a member of the executive committee of the Merchants Payments Coalition.
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MPC Hill Blast: Record Debt, Record Fees
Americans’ credit card debt has hit a new record: $1.21 Trillion! And, that’s at a time when the average credit card interest rate is 24.21%. So, if credit card debt and interest stayed at those levels this year, the Wall Street banks and other issuers of credit cards would be in line to make . . . $292.941 billion in interest this year.
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Yemeni American Merchants Say Some Small Businesses ‘Will Not Make It’ Under High Credit Card Swipe Fees
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WDKY-TV: Record Valentine’s Day spending expected in Kentucky
This year, the average shopper is expected to spend $189 on Valentine’s Day gifts. On top of that, the Merchant Payments Coalition warns consumers should be aware of rising swipe fees on credit and debit cards. Credit card companies are expected to charge shoppers over $600 million in hidden costs.
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Retail Insight Network: Record Valentine’s Day sales to come with added costs
The Merchant Payments Coalition estimates that card processing fees—often referred to as “swipe” fees—could contribute over $600m to consumers’ total expenditure this month.
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The U.S. Sun: LOVE TAX Shoppers warned over ‘harmful’ hidden fees ahead of Valentine’s Day as expert urges buyers to watch how you ‘swipe’
The sneaky “swipe” fees that banks charge retailers to process credit and debit card transactions could tack on over $600 million to shoppers’ receipts this February, according to estimates from the Merchant Payments Coalition.
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Convenience Store News: Valentine's Day Spending Breaks New Record
"Valentine's Day is one of the most popular holidays for loved ones to enjoy a fancy meal out on the town or a romantic meal at home, but swipe fees drive up the cost of everything for couples celebrating this special day," said MPC Executive Committee Member and National Restaurant Association Director of Technology and Innovation Policy Brennan Duckett. "Giant Wall Street banks shouldn't force you to take them along as an awkward third wheel in your special moments. They are making record profits by charging these huge hidden fees. It’s not fair and it's time for Congress to pass the Credit Card Competition Act."
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RV Pro: OHI Continues Advocacy Against RV Park Credit Card Fees
In partnership with the Merchant Payments Coalition (MPC), OHI is ensuring that the outdoor hospitality industry has a voice in the fight against rising processing costs. Visa and Mastercard currently dominate the credit card marketplace, imposing fees that totaled over $100 billion in 2023, costs that disproportionately affect small, family-owned businesses like OHI members.
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