Frustrated by extra credit card fees when you shop?
A pair of bipartisan bills in Congress aim to lower the swipe fees, also known as interchange fees, that retailers pay every time a customer makes a purchase with their card. The effort is backed by retail giants including Walmart, (WMT) Target (TGT), and Kroger (KR), as well as convenience stores and independent grocers.
“Swipe fees for credit cards are higher in the United States than anywhere else in the industrialized world — more than seven times as high as Europe,” a coalition of businesses wrote in a letter to lawmakers last week. “They are an inflation multiplier.”