According to the Merchants Payments Coalition, nearly two-thirds of likely voters support credit card swipe fee reform, according to a new survey released last week by the Merchants Payments Coalition.
“These numbers show that bringing competition to out-of-control swipe fees is a priority for consumers, not just merchants,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said. “Consumers are increasingly aware that swipe fees drive up the prices of everything they buy and are going nowhere but up. They want Congress to stand up against global credit card networks and Wall Street banks and put American families first. Regardless of political affiliation or age, consumers want lawmakers to pass the Credit Card Competition Act.”
Visa and Mastercard plan to increase swipe fees for small businesses by over $500 million starting in October. That’s on top of last year’s $160.7 billion. Excessive credit card swipe fees already cost the average family over $1,000 annually in higher prices. Increasing these unfair fees will only drive prices higher.
The survey of nearly 1,000 U.S. adults was conducted by Pierpont Consulting & Analytics LLC September 5-11 and found that 65 percent of those interviewed support swipe fee reform. Decisive support was seen across party lines, including 69 percent of Democrats, 66 percent of independents, and 60 percent of Republicans, along with 67 percent of those 35 and older and 56 percent of those who are younger. Only 27% of likely voters oppose reform.
Last week, anticipation was high for a vote on the Credit Card Competition Act, a bill sponsored by Senator Dick Durbin (D-IL) and Senator Roger Marshall (R-KS). The two hoped to introduce it as an amendment to a collection of funding bills termed the “minibus.” Yet, disagreements over spending in the Senate led to a pause on the appropriations package. Consequently, with no active bill in the Senate, the opportunity to introduce the swipe fee bill as an amendment was lost.
Please take a moment to send a message to your lawmakers and tell them to support the Credit Card Competition Act now!