/How credit card swipe fees are hitting consumers

How credit card swipe fees are hitting consumers

Merchants were charged $137.8 billion in credit and debit card swipe fees in 2021. This means the average family had to shell out an additional $900 each year on items due to higher swipe fees even before surging inflation, Leon Buck, the National Retail Federation’s vice president of banking and financial services, told FOX Business.

These so-called “swipe” fees are imposed on merchants every time a consumer makes a purchase with their credit or debit card. Oftentimes, though, retailers will try and offset these increases by passing them on to the consumer.

With inflation surging to the highest level since 1981, consumers will have to shell out even more.

“You’re looking at about $75 additional,” Buck said. “Now we’re saying that’s $975 in higher costs for goods and services based on the increase in swipe fees.”

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