Small Businesses Say It’s Time to Pass the Credit Card Competition Act to Stop the Swipe Fee Ripoff

This year, members of the House and Senate from both parties have reintroduced the Credit Card Competition Act and President Trump has endorsed the bipartisan bill, saying it is needed “to stop the out of control Swipe Fee ripoff.”

Swipe fee have increased 70% since the pandemic, reaching a record $187.2 billion in 2024. These non-negotiable fees charged by megabanks and global card networks to process transactions are most merchants’ highest cost after labor — far too much to absorb. Consequently, they drive up prices by nearly $1,200 a year for the average family.

Small businesses are hit the hardest by these fees because they have the fewest resources and no power to negotiate. Because of this, small businesses are calling out the loudest for swipe fee reform and passage of the Credit Card Competition Act.

Below are video testimonials from small merchants across the country. Watch the videos to hear how each of them is being impacted by rising, out-of-control swipe fees and what Congress can do to help.

Jim Kimray, B&W Hardware, Wake Forest, N.C.
“Unfair credit card swipe fees hurt my business by requiring us to spend the profits that we work hard to earn on exorbitant credit card fees that we’re not allowed to negotiate. It’s time for Congress to act.” Watch video to hear more.