Trump Pledges to Cut Credit Card Swipe Fees
President Donald Trump reiterated his commitment to reducing credit card swipe fees during a speech at the Republican midterm convention in Dallas. He claimed these fees are excessively high compared to other countries and pledged that reforms would save American families $1,200 annually. However, he did not specify how this goal could be achieved or address the fact that merchants—not consumers—bear the cost of such fees. Trump has previously supported the Credit Card Competition Act (CCCA), which aims to introduce more competition in credit card processing by requiring a third network alongside Visa and Mastercard. Retailers, restaurants, and other businesses have long lobbied for lower transaction costs, with bipartisan support from lawmakers including Sen. Roger Marshall and retiring Sen. Dick Durbin. Despite growing legislative backing, the banks and payment networks continue to oppose such reforms aggressively, arguing that fees are justified given increased merchant revenues tied to credit card usage.
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