>>New Data Shows 'Swipe Fees' Cost Americans More than Previously Thought in 2023
(Undated) -- New data shows Virginians are paying more in "swipe fees" than originally thought. Rebecca Hughes reports.Preview: Voicer Script:
‘Swipe’ fees totaled $224 billion dollars in 2023, which the Merchants Payments Coalition says is nearly one-third more than previously believed. The Biden administration announced plans to eliminate "junk fees" and included the 2 to 4 percent of the purchase charged by credit card companies. That resulted in lawsuits and the American Bankers Association placing a huge advertising campaign to inform consumers that those fees, in part, fund reward programs. Congress is considering the Credit Card Competition Act which hopes to have networks compete over fees, security, and service and hopefully lead to billions in savings for customers each year.