Credit and debit card ‘swipe’ fees hit new record of $187.2 Billion as Congress members seek to reintroduce the Credit Card Competition Act. Swipe fees are up nearly 3x in the past decade. The development comes after Senator Josh Hawley absolutely ripped Visa’s Bill Sheedy and Mastercard’s Linda Kirkpatrick for monopolizing the credit card industry. “You have 80% of the relevant market… This is classic, classic monopolistic behavior. I’m having a hard time finding that position defensible, let alone sympathetic,” Hawley blasted. New data reveals that swipe fees are driving up consumer prices by almost $1200 a year as small businesses are being forced to increase prices.
