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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.
At an average 2% to 4% of the purchase price, swipe fees account for up to 60 cents of the $15 or so it costs to buy a package of Oreos, a jar of peanut butter, one of jelly, and a loaf of bread.
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 ...
An interchange fee is a fee paid between banks for the acceptance of card-based transactions. Usually for sales/services transactions it is a fee that a merchant's bank (the "acquiring bank") pays a customer's bank (the "issuing bank").
We got a lot of reaction to the article about how changes in debit and credit card swipe fees may affect you. Swipe fees are the charges retailers pay when they allow you to use plastic at their ...
Interchange fees or "debit card swipe fees" are paid to banks by acquirers for the privilege of accepting payment cards. Merchants and card-issuing banks have long fought over these fees. Prior to the Durbin amendment, card swipe fees were previously unregulated and averaged about 44 cents per transaction. [3]
These questions are part of an increasingly heated debate about so-called swipe fees, the estimated $48 billion that merchants pay to banks and credit card companies for the use of those ...
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 ...