WASHINGTON—A new television commercial is being aired that claims soaring credit card “swipe” fees are limiting what consumers can afford to buy this holiday season.
The ad is being sponsored by the Merchants Payments Coalition in support of the Credit Card Competition Act, which is supported by merchants and opposed by financial institutions, including credit unions. The 30-second commercial, which is being run by MPC member NACS, and as CUToday.info reported earlier, it is the latest to air as part of a seven-figure advertising campaign.
An earlier commercial highlighted Visa’s sponsorship of competition at the FIFA World Cup “while refusing to allow competition over swipe fees,” the MPC said, adding, “Another addressed how lack of competition means Visa and Mastercard “can charge whatever they want.”
‘Paying Even More’
“At a time when Americans are suffering under the effects of inflation, they are paying even more because of hidden swipe fees levied by Visa, Mastercard and the Wall Street megabanks that issue the majority of credit cards,” MPC Executive Committee member and National Association for Convenience Stores General Counsel Doug Kantor said. “U.S. swipe fees are the highest in the industrialized world and drive up prices paid by American consumers. The impact is particularly harmful during the holidays, when many families are stretching their dollars and these fees amount to an unfair private tax on every present and decoration they buy.”
What if Credit Cards Fees Were Fair?
In the latest TV spot, the announcer says, “What would the holidays be like if credit card fees were fair?” an announcer asks as a Christmas tree stands before a roaring fireplace with stockings hung along the mantel. “With the money saved on every swipe, you could get a winter coat for the kids, headphones for your best friend, a soccer ball for your niece.
“Unfortunately, credit card companies are still stuffing our stockings with unfair hidden swipe fees costing families nearly $1,000 a year,” the voiceover continues.
As the Christmas tree crashes to the floor under the weight of swipe fees on cards in a stocking, a narrator calls on viewers to tell Congress to pass the Credit Card Competition Act.
“It takes free market competition to have fair fees – and happier holidays,” the ad says.
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