Last year, Visa and MasterCard collected over $77 billion in credit-card swipe fees. That's about $700 for each U.S. family.
Credit card swipe fees are going up, costing businesses and could eventually cost all of us more money too.You spend $50 filling your gas tank. When you swipe your credit card, the business must pay a fee to a payment-processing company. For Visa and MasterCard, it's about 2 percent of the purchase price, meaning. If you spend $50, the business ends up with 49.29.
Visa and MasterCard just increased their fees again last month. The companies said the money is used for security and fraud protection.
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