Banks and credit card companies are swimming in profits, and one business and consumer group is urging federal lawmakers to pass a bill aimed at Reduce credit card swipe fees for families and businesses It gave them benefits.
The cost of using credit cards for purchases costs the average family more than $1,000 per year and increases costs for businesses.assistance Merchants Payments Coalition in a release. Meanwhile, these swipe fees are jump 50% Since the Covid-19 pandemic and siphoning has siphoned tens of millions of dollars to card issuing banks and credit card companies such as Visa and Mastercard.
JPMorgan Chase, the largest US credit card issuer, reported a record $54 billion In 2024, profits increased by 17.9% in 2023.
the coalition supported a credit card competition law in a recent parliamentary session to introduce competition by requiring bAnkh of Ober $100 billion Assets enable at least one alternative payment network for processing. This move could save merchants and consumers more $16 billion Promote competition on price and quality of service each year,group sassistanceand We encourage legislators to pass it into law.
