Filed Under: Op-ed

RealClearMarkets: Making a Case for Passage of the Credit Card Competition Act

According to recent NBC polling, 68 percent of registered voters believe the U.S. economy has spiraled into a recession. As consumers tighten their belts and families look for strategies to rein in spending, federal legislation has been introduced that will help bring financial relief to Americans. The bill should be a top priority as Congress returns from the August recess.

Currently, consumers are being gouged at the checkout counter because a tag team of credit card companies are gaming the system. Dubbed “swipe fees,” every time a customer swipes, inserts, taps, or makes a payment online, credit card companies and banks charge merchants a fee to handle the transaction.

And these extra expenses add up and inevitably roll downhill to consumers. Nearly $140 billion is paid every year to cover these transaction taxes. Parsed out by household, it’s estimated that the average American family pays an additional $900 annually because of these high swipe fees.

Read more from CCF at RealClearMarkets.

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