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Credit card companies don't work for free. Every time you use one, the store you're buying from is charged a "swipe fee" — and that charge will get passed down to you in higher prices.
A recent settlement between Visa, Mastercard and the largest U.S. credit card issuing banks and merchants has lowered swipe fees for the next five years, saving money on your monthly credit card ...
In March 2024, a settlement in the injunctive relief portion of the payment card interchange fee case was announced to reduce what are known as "swipe fees" for merchants in the U.S. This change, set to last five years, was expected to save retailers about $30 billion and mark the end of a long-standing legal battle over antitrust issues ...
The settlement is set to lower swipe fees merchants pay when customers make purchases using their Visa or Mastercard by $30 billion over five years, according to a press release announcing the ...
When the impact of credit card “swipe” fees on prices consumers pay for groceries came up at a hearing in Washington in 2022, U.S. Sen. Marsha Blackburn was concerned.
Merchants lobbied heavily for a rule to limit debit card swipe fees. [4] They accomplished this when the Durbin amendment passed with the Dodd-Frank financial reform legislation on July 21, 2010. [5] This was considered a major loss for banks, who receive billions of dollars a year in income from swipe fees. [6]
Swipe fees are paid to Visa, Mastercard and other credit card companies in exchange for enabling transactions. Merchants ultimately pass on those fees to consumers who use credit or debit cards.
Maryland’s House Bill 29, introduced in January, would prohibit credit card networks from charging “swipe fees” on sales tax, which cost merchants in Maryland $156.9 million in 2023 alone.