Green Sheet: Credit Card Act Will Not Impact Rewards, Study Finds
MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor: “This is proof that claims that rewards would go away are nothing more than idle threats and scare tactics, the same as they have been in every market around the world where swipe fees have been addressed.”
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InBusiness: New Study Says Swipe Fee Bill Would Not Lead to Loss of Credit Card Rewards
This analysis shows the expected savings from competition over swipe fees would have almost no impact at all on credit card rewards and that the card industry has far more than enough profits to make up the difference,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said.
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New Study Says 'Swipe' Fee Bill Would Not Lead to Loss of Credit Card Rewards
MPC welcomed new research showing passage of the Credit Card Competition Act should have virtually no impact on credit card rewards and that banks could easily afford to continue offering rewards.
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Chain Store Age: Credit Card 'Swipe' Fees Could Account for $3 Billion of Back-to-School Costs
Credit card “swipe fees, the amount banks charge merchants to process credit card transactions, will drive up the price of school and college supplies by more than $3 billion this year and cost the average family between $20 and $30, according to a new report from the Merchants Payments Coalition
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Washington Times: Reports Find Rise in Back-to-School Prices, Spending
According to the Merchants Payments Coalition ... the growing number of parents using credit will cost each family about $20 in swipe fees out of the $890.07 the National Retail Federation expects them to spend on school items this year.
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CNBC: This Credit Card Fee Could Cost Shoppers $3 Billion During Record-Breaking Back-to-School Season, Merchants Say
"Swipe fees are astronomically high and make everything more expensive," said Doug Kantor, general counsel at the National Association of Convenience Stores and an executive committee member at the Merchants Payments Coalition.
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Green Sheet: Credit Card Fees Account for $3B in Back-to-School Costs
“Spending on school supplies helps children get an education but the biggest lesson parents will learn is that swipe fees are astronomically high and make everything more expensive,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said. “Swipe fees add to the cost of school whether it’s a lunchbox in first grade or a laptop in college. Congress needs to bring competition to the broken swipe fee market.”
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Credit Card 'Swipe' Fees Account for $3 Billion of Back-to-School Costs This Year
“Swipe” fees banks charge merchants to process credit card transactions will drive up the price of school and college supplies by more than $3 billion this year and cost the average family between $20 and $30, MPC said.
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Payments Dive: CCCA Opponents Brace for Defense Bill Move
“There are a number of bills that might present opportunities” for attaching the CCCA as an amendment, said Doug Kantor, general counsel for the National Association of Convenience Stores. “Sen. Durbin has insight into all of that that we just don’t have. We trust him and Sen. Marshall to figure out what makes the most sense.” In a press release this week, the Merchants Payments Coalition argued that Visa and Mastercard control more than 80% of the market and fix swipe fees charged by banks while blocking transactions that could be processed over other networks.
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American Banker: Banks Can Rest Easy on Durbin's Credit Card Swipe Fee Bill -- This Time
Part of the bill's newfound popularity on the Hill is growing scrutiny of the banking sector in the aftermath of high-profile bank failures earlier in the year, including Silicon Valley Bank, said Doug Kantor, general counsel for the National Association of Convenience Stores and a member of the Merchants Payments Coalition, which includes many retailers lobbying for the bill. "I think that's just reflective of a growing recognition that there are real problems with the way that credit card payments are happening now," Kantor said. "I think some of the banking difficulties earlier this year also remind people that trusting some of these banking institutions has not always worked well for us in the past. We need to sometimes take a look at what incentives they have or don't have, and how the system works."
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