Opinion: Consumers may lose out under this new credit card swipe fee plan [Opinion]
” : We all love a good David vs. Goliath story, but will we consumers truly benefit from the Credit Card Competition Act? Phil Ortiz failed to mention “swipe” fees are a tax write-off for his business. The fees fund card rewards programs that will go away under the act.
Visa and Mastercard lose a fortune in fraudulent charges every year so we consumers don’t. Interbank networks like Pulse or SHAZAM are debit networks so if your card number is “skimmed” and $1,000 is fraudulently charged, you are responsible for payment. Will retailers stop surcharging if their rates decrease? Not likely. Competition from financial technology like Venmo and Paypal along with crypto currency are eating into the credit card industry.
I’m surprised a small government Republican like Ortiz would push for expanded government in this case.
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