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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 ...
While consumer prices have risen about 20% since the pandemic, swipe fees have increased by 50% and hit a record $172 billion in 2023, the Merchant Payments Coalition estimates.
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.
The settlement provides for the cash equivalent of a 10 basis-point reduction (0.1 percent) of swipe fees charged to merchants for a period of eight months. This eight-month period would probably begin in the middle of 2013. The total value of the settlement will be about $7.25 billion.
If you think swipe fees dropped with inflation, guess again. Last year they were $18.6 billion. Since 85% of holiday purchases will be made with credit or debit cards, that small amount of cash ...
If a merchant pays a $2 fee on a $100 transaction, about $1.60 of that goes to the customer's bank and a smaller amount goes to the merchant's bank, which together constitute an interchange fee.
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Typically, swipe fees cost merchants 2% of the total transaction a customer makes — but can be as much as 4% for some premium rewards cards, according to the National Retail Federation. The ...