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."
Swipe fees are a top cost:
Credit card swipe fees are restaurants' third-highest cost "behind labor and products."
Customers pay the price:
Because restaurants are having to charge more for food, customers are "going out less or complaining more."
42% of restaurant owners said they were not profitable in 2025, according to the National Restaurant Association.
The bottom line: When Visa and Mastercard set swipe fee rates charged by all banks that issue credit cards under their brands and face no competition, small businesses get squeezed and every customer pays more for every meal. Independent restaurants often absorb the biggest costs, as Visa and Mastercard typically impose higher swipe fees on small businesses with less transaction volume. The Credit Card Competition Act would bring real competition and finally put downward pressure on these fees.
COMPETITION IS BETTER FOR EVERYONE
IT'S TIME TO PASS THE CREDIT CARD COMPETITION ACT