Merchants Tell Fed Debit Card Swipe Fees Should Be Competitive
MPC told the Federal Reserve that a proposed reduction in high “swipe” fees large banks charge merchants to process debit card transactions is welcome but still provides banks with huge profit margins that no competitive business in the nation could charge.
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Merchants Agree With Durbin That Banks and Airlines Are Undermining Credit Card Rewards
MPC agreed with Senator Richard Durbin that airline industry practices are the biggest threat to credit card rewards and that more competition would help consumers earn better benefits and savings.
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Merchants Back Marshall Call to Pass Credit Card ‘Swipe’ Fee Legislation
MPC welcomed Senator Roger Marshall’s call for Congress to pass the Credit Card Competition Act.
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Credit Card ‘Swipe’ Fees Could Cost Consumers Over $750 Million for Mother’s Day
Rapidly growing “swipe” fees that credit card networks and banks charge merchants to process transactions could cost consumers more than $750 million this Mother’s Day, MPC said.
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Credit Card Competition Act Would Now Save Merchants and Consumers Over $16 Billion a Year
With the Credit Card Competition Act now projected to save merchants and consumers over $16 billion a year, passage is needed more than ever, MPC said.
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Swipe Fee Cost for Average Household Tops $1,100
Soaring credit and debit card swipe fees cost the average U.S. household more than $1,100 last year, MPC said.
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New Ad Warns Credit Card Competition Act is Needed to Block China UnionPay from U.S. Credit Cards
A new television commercial being aired by MPC warns that there is no bar to China’s payment network processing Americans’ credit card data unless Congress passes the Credit Card Competition Act.
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Merchants Say Soaring Bank Profits Show Need to Pass Credit Card Competition Act
High profits reported last week by three of the nation’s largest credit card-issuing banks show the need for Congress to pass the Credit Card Competition Act, MPC said.
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Mastercard Plans to Raise Credit and Debit Card Fees by Over $250 Million Despite Settlement
Almost immediately after agreeing to reduce “swipe” fees charged to merchants to process credit card transactions, Mastercard plans to increase fees for both credit and debit card transactions by more than $250 million this month, MPC said.
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Proposed Visa/Mastercard Swipe Fee Settlement Won’t Help Main Street
A proposed agreement for Visa and Mastercard to reduce “swipe” fees charged to merchants to process credit card transactions would provide “very small relief” and does not end the need for Congress to pass legislation, MPC said.
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