Hidden credit card fees are costly. This bipartisan bill can change that | Opinion
Swipe fees are particularly harmful to low-income families because they redeem far fewer credit card rewards than more affluent households.
The card industry dismisses these fees as “only” 2% of the transaction, but they add up quickly. Nationwide, credit and debit card swipe fees hit a record $138 billion in 2021, soaring 25% in one year after doubling over 10 years. These fees are out of control because of lack of competition. Visa and Mastercard — which dominate 80% of the market — centrally set swipe fees charged by banks that issue their credit cards. They also restrict processing to their own networks, prohibiting competition from networks that offer lower fees and better security., swipe fees are particularly harmful to low-income families because they redeem far fewer credit card rewards than affluent families.
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