What are swipe fees? How much are consumers paying in swipe fees? Why should anyone care about swipe fees?
The swipe fee is a percentage of each transaction that Visa and MasterCard collect from retailers every time a credit or debit card is used to pay for a purchase. Nearly $2 of every $100 American consumers spend using credit cards goes directly to the credit card industry through the interchange fee, the hidden fee that is charged every time you use a credit card. Even consumers who don't use plastic pay more through higher prices.
Interchange is the biggest credit card fee you've never heard of. In 2009 alone, American consumers paid more than $48 billion in credit card interchange fees - more than twice what we paid in late fees. In fact, credit card interchange fees cost us more than credit card annual fees, cash advance fees, over-the-limit fees, and late fees combined. And since 2001 alone, credit card interchange fees have risen 300%!
The MPC is educating policy makers, regulators, consumers and the media about the impact of unfair swipe fees on consumers and merchants alike. The more you know, the more you should be concerned.
Press Releases – Find out how MPC is working to pressure Visa and MasterCard to make their policies and practices more transparent and disclose hidden interchange fees to consumers.
Recent Articles – Read the latest coverage about swipe fees in the news. It just might surprise you.
Interviews (audio, video clips) – Watch MPC members shed light on the issue of swipe fees.
Research – Look here for more detailed information about the origin of swipe fees, the complexity of the interchange fee system and its impact on merchants.
FAQs – Have questions about swipe fees? Find answers here.
Public Hearings on Debit and Credit Card Interchange:
Hearing on Federal Payment of Interchange Fees
U.S. Senate Committee on Appropriations
June 16, 2010
Hearing on H.R. 2695, the "Credit Card Fair Fee Act of 2009"
U.S. House of Representatives Judiciary Committee
April 2010
Hearing on H.R. 2382, the Credit Card Interchange Fees Act of 2009
U.S. House of Representatives Financial Services Committee
October 2009
Hearing on H.R. 5546, the Credit Card Fair Fee Act
U.S. House of Representatives Judiciary Committee Antitrust Task Force
May 15, 2008
Hearing on Credit Card Interchange Fees
U.S. House of Representatives Judiciary Committee Antitrust Task Force
July 19, 2007
Hearing on Credit Card Interchange Rates: Antitrust Concerns
U.S. Senate Committee on the Judiciary
July 19, 2006
Hearing on the Law and Economics of Interchange Fees
Subcommittee on Commerce, Trade and Consumer Protection
Committee on Energy and Commerce
February 15, 2006
Hispanic Merchant and Consumer Groups Support Swipe Fee Reform
LOCAL CHAMBERS
Hispanic Chamber of Commerce of Northern Illinois (IL)
Latin Business Association (Los Angeles, CA)
Napa County Hispanic Chamber of Commerce (CA)
Latin American & Caribbean Business Chamber of Commerce (CA)
Nicaraguan American Chamber of Commerce Northern California (CA)
Hispanic Chamber of Commerce of Silicon Valley (CA)
Hispanic Chamber of Commerce, Alameda County (CA)
Camara de Comercio Agrupacion de Comerciantes de San Jose (CA)
San Diego County Hispanic Chamber of Commerce (CA)
Solano Hispanic Chamber of Commerce (CA)
Hispano Chamber of Commerce de Las Cruces (NM)
Brooklyn (Kings County) Hispanic Chamber of Commerce (NY)
Westchester Hispanic Chamber of Commerce (NY)
STATE CHAMBERS
Latin Chamber of Commerce of Nevada
Illinois Hispanic Chamber of Commerce
Florida State Hispanic Chamber of Commerce
New York State Coalition of Hispanic Chambers of Commerce
New York State Coalition of Hispanic Chambers of Commerce
Bodega Association of the USA
Bronx Hispanic Chamber of Commerce
Buffalo Hispanic Chamber of Commerce
Cosmetology & Beauty Chamber of Commerce
Dominican Chamber of Commerce
Hunts Point Chamber of Commerce
Jewish & Latino Chamber of Commerce
New York State Hispanic & Minority Daycare Chamber of Commerce
New York State Hispanic Junior Chamber of Commerce
New York Statewide Hispanic & Minority Veterans Chamber of Commerce
Rochester Hispanic Chamber of Commerce
State of Albany Region Hispanic & Minority Chamber of Commerce
Syracuse Hispanic Chamber of Commerce
Queens Hispanic Chamber of Commerce
Westchester Hispanic Professional Association
Yonkers Mexican Chamber of Commerce
New York State Women's Hispanic Chamber of Commerce
New York State Hispanics in Real Estate and Construction
New York Greater Mexican Chamber of Commerce
New York City LGBT Chamber of Commerce
New American Chamber of Commerce
Latino Bar Association of Queens
Latino Association of Tax Preparers, Inc (LATAX)
REGIONAL BUSINESS ORGANIZATIONS
Northern California Independent Booksellers Association
Small Business California
NATIONAL BUSINESS ORGANIZATIONS
Main Street Alliance
Small Business Majority
American Booksellers Association
National Supermarket Association
Salvadoran American Chamber of Commerce
NATIONAL HISPANIC ORGANIZATIONS
Aspira Association, Inc.
Cuban American National Council (CNC)
Hispanic Association of Colleges & Universities (HACU)
Hispanic Federation
Labor Council for Latin American Advancement, AFL-CIO (LCLAA)
League of United Latin American Citizens (LULAC)
Mana, A National Latina Organization
Mexican American Legal Defense & Education Fund (MALDEF)
National Association of Hispanic Federal Executives (NAHFE)
National Association of Hispanic Publications (NAHP)
National Conference of Puerto Rican Women
National Hispana Leadership Institute
National Hispanic Caucus of State Legislators (NHCSL)
National Hispanic Council on Aging (NHCOA)
National Hispanic Environmental Council (NHEC)
National Hispanic Foundation for the Arts (NHFA)
National Hispanic Media Coalition (NHMC)
National Hispanic Medical Association (NHMA)
National Institute for Latino Policy (NILP)
National Puerto Rican Coalition, Inc. (NPRC)
Self Reliance Foundation
SER - Jobs for Progress National, Inc.
Southwest Voter Registration Education Project (SVREP)
U.S. Hispanic Leadership Institute (USHLI)
United States-Mexico Chamber of Commerce