December 4, 2023

Business Visa

The Business Visa Is Mightier Than Sword

World Cup Ad Targets Visa, Credit Card Swipe Fees

A bill moving through Congress aims to treat credit cards in one way that debit cards are currently used.

Currently, swipe fees charged by major credit card companies cut into small business owners’ profits. Those charges ultimately result in consumers paying more for goods and services. At 2 to 3 percent or more in the U.S., advocates for the proposed legislation say the swipe fees are too high.

If passed and signed into law, the bipartisan Credit Card Competition Act of 2022 would compel U.S. banks that distribute Visa  (V) – Get Free Report or Mastercard  (MA) – Get Free Report credit cards to use at least two unaffiliated networks with transactions. This has been required for debit card transactions since 2010.