Summary
Small businesses are struggling with rising credit card swipe fees, which now average 2.26% per transaction and cost U.S. merchants $172 billion in 2023, a record high.
As shoppers increasingly use cards over cash, businesses face growing costs, with some passing fees to customers through higher prices or convenience charges.
Visa recently raised certain fees, sparking criticism from lawmakers and advocacy groups pushing for transparency and competition.
The bipartisan Credit Card Competition Act seeks to address swipe fee issues but remains stalled in Congress, leaving the conflict unresolved for now.
May not be the answer you like, but the system exists as is, and there’s little hope of a single person’s habits of changing that.
The best we collectively can hope for is clawing 2% back(at minimum) using a flat rate card on everything because in most places there is no cash payment discount. You can take it a step further if you’re pedantic enough with numbers (like me). If you have enough discipline to treat cards as cash and can handle a spreadsheet of cards for each spending category, credit companies net lose money off of you
I do the best I can, and spread the word so maybe it will snow ball. Collective action can happen.
I obviously still use credit card when needed, and got tight points game.
But I always tip in cash. Let owner eat that fee, give server/barter tender cash. Extra benefit it cuts out the parasite owner too 🐸