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If shopping for the holidays seems more expensive this year, blame credit card "swipe fees." ... If all purchases were made with cards, swipe fees would total $27.7 billion, up from $26 billion.
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 ...
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.
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.
Aside from interchange or swipe fees, which Visa and Mastercard force retailers to pay to issuing banks, the two credit card giants charge network fees to merchants.
A part of the settlement that allows merchants to charge fees to customers paying via credit card in order to recoup swipe fees took effect on January 27, 2013. Debit cards and transactions in the ten states that prohibit credit-card surcharges will not be affected.
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