Why Congress Is Taking a Closer Look at Swipe Fees
Key takeaways
- Every time someone swipes a credit card, a small fee flows from the merchant to the bank.
- Credit card swipe fees have climbed 70% since 2019 to $198 billion in 2025, according to the Nilson Report.
- A basic no-frills card might carry an interchange fee below 1.5%.
Why Congress Is Taking a Closer Look at Swipe Fees Quartz · Hyoung Chang/The Denver Post via Getty Images Jackie Snow Mon, June 22, 2026 at 4:00 PM GMT+7 4 min read. A version of this article originally appeared in Quartz’s members-only Weekend Brief newsletter. Quartz members get access to exclusive newsletters and more. Sign up here.
Every time someone swipes a credit card, a small fee flows from the merchant to the bank. Most shoppers never think about it. But a growing coalition of retailers, lawmakers, and academics argues the system quietly shifts money from poorer Americans to richer ones, and Congress may finally act.
Credit card swipe fees have climbed 70% since 2019 to $198 billion in 2025, according to the Nilson Report. The rise has been driven by higher consumer spending, declining cash use, and a fundamental change in the kinds of cards Americans are carrying, which increasingly include rewards that have to be paid for somehow.