Retailers call out Visa and Mastercard for fee hikes that could make inflation worse
CNN
Consumers could soon see even higher prices at some stores, after credit card giants Visa and Mastercard raised their "swipe fees" -- generating an additional cost that some retailers could be forced to pass on to their customers.
Last month, the two credit card companies raised some of their interchange rates, or fees that merchants pay with each credit or debit card transaction. These so-called "swipe fees" are then paid to the bank that issues the card but are largely invisible to the consumer. However, some retailers claim that the added fees will force them to raise prices or stop accepting certain credit cards altogether.
The changes to interchange rates -- which also include some decreases, such as certain transactions under $5, the credit card companies said -- were meant to go into effect in April 2020, but were postponed due to the pandemic.
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