How credit card swipe fees are affecting shoppers [FOX Business Network]
Mastercard Incorporated (MA)
Last mastercard incorporated earnings: 4/29 08:00 am
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Source: FOX Business Network
Credit card swipe fees, which are among the highest operating costs for retailers, are taking a bite out of household budgets, according to industry experts. When a credit or debit card is used, banks and credit card networks will charge retailers a fee to process the transaction. It's known in the industry as an interchange fee, though some experts have also coined it a "swipe fee." Swipe fees average just more than 2% of the transaction for credit cards, but they can be as much as 4% for some premium rewards cards, according to the National Retail Federation (NRF), the nation's largest retail trade group. For debit cards, fees from the nation's largest banks are capped by the Federal Reserve at 21 cents per transaction plus 1 cent for fraud prevention and 0.05% of the transaction for fraud loss recovery, but cards from small banks are exempt. All told, these fees cost retailers more than $170 billion a year. That's up from 2001 when fees were about $20 billion a year, accor
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MA
Earnings
- 11/1/24 - Beat
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Sec Filings
- 12/9/24 - Form 4
- 11/13/24 - Form 8-K
- 11/12/24 - Form 144
- MA's page on the SEC website