Credit card swipe fees for the convenience store industry have increased a staggering 82% over the last 3 years and now stand at $19.5 billion.
But bipartisan legislation in Congress would tackle these fees and help protect Main Street businesses from the megabanks on Wall Street.
NACS proudly supports the Credit Card Competition Act of 2023 (S. 1838/H.R. 3881), bipartisan, bicameral legislation introduced by:
- Senators Richard Durbin (D-IL), Roger Marshall (R-KS), Peter Welch (D-VT) and J.D. Vance (R-OH) in the Senate
- Representatives Lance Gooden (R-TX), Zoe Lofgren (D-CA), Tom Tiffany (R-WI), and Jeff Van Drew (R-NJ) in the House
Both bills would seek to bring long-overdue competition to the credit card market and address the exorbitant swipe fees paid by Americans every year. The legislation would require the largest U.S. banks that issue Visa or Mastercard credit cards to allow transactions to be processed over at least two unaffiliated card payment networks — the same process that has been used for debit card transactions for more than a decade.
Credit and debit card swipe fees aren’t just skyrocketing for the convenience industry. Over the past decade, they have more than doubled for all US businesses (now at $160.7 billion a year), meaning these fees cost the average American family more than $1,000 a year.
It’s time for Congress to stand up for Main Street and our customers, and you can help. Contact your legislators today and tell them to cosponsor and support the Credit Card Competition Act today.
If your legislator is already a cosponsor, our system will automatically generate a note of thanks.