While RILA members have faced this possibility over the past two years, Visa and MasterCard backed off their planned increases due to the ongoing pandemic. Unfortunately, the dominant card networks think they can get away with the increases now as it was reported earlier this week in the WSJ that a delay is not in the works. RILA issued the following statement, calling these actions “reprehensible” and “the worst time to add additional costs for American consumers.”
WSJ: Visa, Mastercard Prepare to Raise Credit-Card Fees
RILA: Visa, Mastercard Planned Swipe Fee Increases Reprehensible
Building off this statement, RILA continues to publicly highlight how these fee increases will impact the merchant community and American consumers. Here is a recent interview with WSOC Charlotte, where the focus of the story is centered around inflation, the swipe increases and how this will lead to higher costs on local residents and businesses.
RILA will continue our efforts to call out Visa and Mastercard over their decision to add additional burdens during these difficult economic times.