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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.
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]
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 ...
As part of that law, fees charged on debit card payments were capped. Within the first year, average fees fell from 44 cents to 24 cents per swipe. In response, banks largely did away with debit ...
Opponents of credit card swipe fee legislation claim it will benefit big box retailers, cause harm to consumers and small businesses. From our readers:
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 ...