Merchants Say Credit Card Competition Act Will Still Be Needed Following Capital One/Discover Merger
MPC said passage of the Credit Card Competition Act is still needed to bring competition to billions of dollars in soaring credit card “swipe” fees despite regulatory approval of Capital One’s plans to acquire Discover.
READ MORE +
Credit Card Companies Will Make Twice as Much on Easter Eggs as ‘Swipe’ Fees Cost Consumers Over $550 Million
Big banks and credit card networks will make twice as much on a dozen Easter eggs this year as the rising “swipe” fees they charge merchants to process transactions cost families celebrating the holiday more than $550 million, MPC said.
READ MORE +
Credit and Debit Card ‘Swipe’ Fees Hit New Record of $187.2 Billion, Driving Up Prices for American Families
Led by Visa and Mastercard once again, credit and debit card “swipe” fees reached another new record – $187.2 billion – last year, driving up consumer prices and further showing the need for Congress to pass the Credit Card Competition Act, MPC said.
READ MORE +
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.
READ MORE +
Yemeni American Merchants Say Some Small Businesses ‘Will Not Make It’ Under High Credit Card Swipe Fees
READ MORE +
Credit Card ‘Swipe’ Fees Could Cost Consumers Over $600 Million on Valentine’s Day
Rising swipe fees banks charge merchants to process credit and debit card transactions could cost consumers well over $600 million in higher prices for Valentine’s Day this year, MPC said.
READ MORE +
Merchants Back Maryland Legislation to Ban Credit Card Swipe Fees on Sales Tax
MPC voiced support for state legislation that would block credit card networks and banks from charging Maryland merchants “swipe” fees on the sales tax portion of transactions.
READ MORE +
Record Profits at Giant Card Issuer JPMorgan Chase Show Need to Address Credit Card Swipe Fees
As Congress focuses on huge profits in the credit card industry, record annual profits reported this week by the nation’s largest card issuer show the need for lawmakers to address soaring swipe fees charged to process transactions, MPC said.
READ MORE +
Merchants Ask Fed to Reject Bankers’ Request to Delay Action on Debit Card Swipe Fees
MPC urged the Federal Reserve to reject a request by the American Bankers Association to withdraw or delay action on the Fed’s proposal to reduce how much big banks are allowed to charge merchants to process debit card transactions. MPC encouraged the Fed to quickly finalize the proposal instead.
READ MORE +
Merchants Welcome Ruling That Visa and Mastercard Must Comply with Illinois Ban on Swipe Fees on Sales Tax
MPC welcomed a judge’s ruling that credit card payment networks like Visa and Mastercard must comply with Illinois’ ban on swipe fees on sales tax and tips.
READ MORE +