- U.S. retailers and merchants paid $126.4 billion in swipe fees for credit card transactions in 2022, a 20% increase from the previous year, according to the National Retail Federation (NRF).
- Nearly two-thirds of likely voters support credit card swipe fee reform, according to the Merchants Payments Coalition.
- Less than one-quarter (21%) of consumers believe that credit card companies are honest and trustworthy when they advocate before Congress on the fees they charge retailers to accept their cards, NRF said.
The survey found that 65% of those interviewed support swipe fee reform. Decisive support was seen across party lines, including 69% of Democrats, 66% of independents and 60% of Republicans, along with 67% of those 35 and older and 56% of those who are younger. Only 27% of likely voters oppose reform.
All respondents to MPC’s survey had to have at least one credit card and be either “very likely” or “absolutely certain” to vote in the 2024 election for president and other offices. The survey has a margin of error of plus or minus 3.1 percentage points.
Both sets of research come as lead Senate sponsors of the Credit Card Competition Act are seeking to have the bill attached to the “minibus” spending plan that could be voted on by the Senate this week. Sponsors delivered remarks on the Senate floor last week, saying action is urgent because of Visa and Mastercard’s reported plans to increase credit card swipe fees by more than $500 million beginning next month.
First proposed last year, the Credit Card Competition Act was reintroduced in June by Senators Richard Durbin, D-Illinois; Roger Marshall, R-Kansas.; Peter Welch, D-Vermont, and J.D. Vance, R-Ohio, along with Representatives Lance Gooden, R-Texas; Zoe Lofgren, D-California; Thomas Tiffany, R-Wisconsin, and Jefferson Van Drew, R-New Jersey.
The bill is aimed at credit card swipe fees, which average 2.24% of the transaction but can range as high as 4%, MPC said.