‘Profiteering’ Big Banks See Windfall From Credit Card ‘Swipe’ Fees as Fuel Prices Rise
Huge profit increases reported by major card-issuing banks come as they are collecting as much as $58 million a day in credit card “swipe” fees on gasoline and diesel as fuel prices soar because of the conflict in Iran, MPC said.
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Convenience Store News: Credit & Debit Card Swipe Fees Neared $200B in 2025
Swipe fees charged by big banks and card networks to process credit and debit card transactions totaled $198.25 billion in 2025, up 5.9% from the previous year. Visa and Mastercard credit card swipe fees again made up the majority of 2025 swipe fees at $118.8 billion, according to the Merchants Payments Coalition.
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Payments Dive: OCC plans to preempt Illinois interchange law
National retail organizations contended the OCC move was wrongheaded. “The OCC is taking advocating for big Wall Street banks to a whole new level,” National Association of Convenience Stores general counsel, Doug Kantor, said by email. “The Court clearly ruled that Illinois can regulate credit card swipe fees.” “The OCC should recognize that the Illinois law is a good thing that will help people save on everything from gas to groceries,” added Kantor, who is also an executive committee member of the Merchants Payments Coalition.
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Gifts and Decorative Accessories: Big Banks See Profit Surge from Credit Card Swipe Fees as Fuel Prices Rise
“Big banks and card networks are seeing a windfall as fuel prices rise,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said. “It doesn’t cost them any more to process gas purchases at $4 a gallon than it did at $2, but they are collecting more on every gallon and profiteering on the backs of American motorists. Swipe fees drive up the price of gas in the family car, but do the same for the diesel that fuels tractor-trailers, ultimately adding to the price of every product delivered over our nation’s highways. This is part of the swipe fee ripoff condemned by President Trump, and it’s time for Congress to follow his lead by bringing competition to these price-fixed fees.”
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Bloomberg: US Moves to Block Illinois Swipe Fee Law During Banks’ Appeal
“It looks like the OCC is trying to overturn a federal district court ruling that they lost on,” said Doug Kantor, general counsel at convenience store group NACS and a member of the Merchants Payments Coalition’s executive committee. “It’s a pretty outrageous power grab, as far as I can see.”
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Capitol Account: OCC Chief Looks to Bolster Banks in Interchange Case
“It appears to be an outrageous power grab,” says Doug Kantor, (MPC Executive Committee member and) general counsel for the National Association of Convenience Stores, which backs the interchange limits.
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MPC Hill Blast: Who Swiped the Peeps?
Everyone loves Peeps at Easter. You can even make dioramas out of them. But, once again this year, credit card swipe fees took a lot of the fun out of Peeps. The average family was hammered with $4.62 in swipe fees on Easter spending alone. That is three packs of eight Peeps — swiped right out from under our noses.
READ MORE +MPC Hill Blast: Fuel Price/Swipe Fee Tracker
Credit card swipe fees currently amount to 9.8 cents on the average gallon of gas and 13.3 cents on the average gallon of diesel, costing American consumers $58.2 million per day.
READ MORE +MPC Hill Blast: Fuel Price/Swipe Fee Tracker
Credit card swipe fees currently amount to 9.5 cents on the average gallon of gas and 12.8 cents on the average gallon of diesel, costing American consumers $56.3 million per day.
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‘Swipe Fee Ripoff’ Could Cost Families as Much as a Dozen Easter Eggs This Year and Total Nearly $600 Million
Credit card fees that President Donald Trump calls a “swipe fee ripoff” will cost families nearly as much a dozen eggs and the dye needed to turn them into Easter eggs this year as their total impact on the holiday approaches $600 million, MPC said.
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