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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.
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]
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.
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 ...
Opponents of credit card swipe fee legislation claim it will benefit big box retailers, cause harm to consumers and small businesses. From our readers:
According to Heller, with the two companies controlling about 80% of the credit card market, the bigger banks need to start providing more credit options — a choice of at least two networks that ...
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 ...