Consumers Echo Support for Credit Card Swipe Fee Reform

WASHINGTON, D.C. — Retailers aren't the only ones concerned with high swipe fees. Nearly two-thirds of likely voters support credit card swipe fee reform, according to a new survey released today by the Merchants Payments Coalition (MPC).

"These numbers show that bringing competition to out-of-control swipe fees is a priority for consumers, not just merchants," said Doug Kantor, MPC executive committee member and NACS general counsel. "Consumers are increasingly aware that swipe fees drive up the prices of everything they buy and are going nowhere but up. They want Congress to stand up against global credit card networks and Wall Street banks and put American families first. Regardless of political affiliation or age, consumers want lawmakers to pass the Credit Card Competition Act."

[Read more: Convenience Store Retailers Urged to Take Up Fight Against Swipe Fees]

The survey of nearly 1,000 U.S. adults, conducted by Pierpont Consulting & Analytics LLC, found that 65 percent of those interviewed support swipe fee reform. This decisive support applied across party lines, including 69 percent of Democrats, 66 percent of independents and 60 percent of Republicans, along with 67 percent of those 35 and older and 56 percent of those who are younger.

Just 27 percent of likely voters oppose swipe fee reform.

All respondents to the survey had to have at least one credit card and report that they were either "very likely" or "absolutely certain" to vote in the 2024 election for president and other offices. The survey has a margin of error of plus or minus 3.1 percentage points.

MPC released the survey results during a virtual news conference held by the American Economic Liberties Project, Americans for Financial Reform, the Institute for Self-Reliance, Small Business Rising and other consumer and small business groups. The event was held to call upon Congress to pass the Credit Card Competition Act, with multiple organizations that recently sent a letter to Capitol Hill endorsing the measure taking part.

The MPC noted that in addition to its survey, research released by the National Retail Federation on Sept. 15 found that 81 percent of consumers support federal legislation that would allow for greater competition to lower credit card swipe fees for small businesses. Additionally, 73 percent of consumers trust small businesses over large banks when advocating for policies that impact consumers.

The Merchants Payments Coalition represents retailers, supermarkets, convenience stores, gasoline stations, online merchants and others fighting for a more competitive and transparent card system that is fair to consumers and merchants.