Tell Congress to act on Excessive Credit Card Swipe Fees
- The average American family pays an extra $1,000 annually because of the rising cost of swipe fees regardless of whether they even use a credit card.
- Credit card swipe fees are most retailers’ highest operating cost after labor — preventing them from investing in their businesses by hiring more staff, buying more inventory and competing on price.
- U.S. retailers and merchants pay the highest swipe fees in the industrialized world — $126.4 billion in swipe fees were paid by businesses for credit card transactions, a 20% increase from the previous year.
- 81% of consumers support federal legislation that would allow for greater competition to lower credit card fees for small businesses.