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Visa and Mastercard customers to pay $700 due to higher fees

If you have a Visa or Mastercard credit card beware of fee hikes.

stack of credit cards

It is estimated that customers will pay an extra $700 a year because of it.

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Swipe fees

The National Retail Federation (NRF) urged the providers to cancel the scheduled swipe fee increase.  The estimated $1.2 billion fee increase was supposed to take effect April 2021 but was postponed because of COVID. Find additional details here.

Swipe fees are also known as interchange fees. It is the price that merchants are charged each time the customer uses a debit or credit card.

The NRF said the fees will drive up consumer prices, it could be more than $700 a year of the average American family.

NRF vice president for government relations, banking and financial services, Leon Buck, pointed out that Americans are already struggling  because of inflation. These increased fees will only exacerbate the situation.

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