If you've been reading TPG for the past year and a half, you've probably seen our reporting on the Credit Card Competition Act, a bipartisan bill in Congress that aims to limit swipe fees and interchange exchange fees.
The bill would require credit card-issuing banks to offer at least two networks for merchants processing electronic credit card transactions. The bill authors say this would inject more competition into the credit card industry while lowering the interchange or swipe fees merchants pay when shoppers swipe their credit cards.
Card companies charge merchants in exchange for consumers using credit cards at those merchants; businesses ranging from mom-and-pop shops to hotels are charged each time a consumer pays with a credit card.
But the national effort isn't the only threat to the credit card majors. At least three states have introduced bills targeting excessive swipe fees at the state level.
Here's a roundup of all the current state legislation as of July 9.
The Illinois state legislature included a provision in its fiscal 2025 budget that would prohibit swipe fees on sales taxes, state excise taxes and gratuities — marking the first state law of its kind.
The Interchange Fee Prohibition Act allows retailers to receive reimbursement for swipe fees paid on taxes and gratuities beginning July 1, 2025. Democratic Governor J. B. Pritzker signed the bill in June.
Senate Majority Whip Dick Durbin, a Democrat from Illinois who has been a key figure in the Senate working to get federal legislation passed to dramatically limit swipe fees, came out strongly in favor of the Illinois legislation.
"The Illinois state legislature took a major step forward in pushing back against the swipe fees that are charged by credit card companies — fees that are nonnegotiable for merchants and that big banks use to pad their already high profits," Durbin said in a statement. "Now the federal government should take a page out of Illinois' book."
As of Feb. 11, the Credit Card Surcharge Law requires sellers in New York State who apply a credit card surcharge to sales transactions to disclose the total price for consumer credit card transactions, including the surcharge.
Additionally, the law prohibits sellers from charging a final price exceeding the posted price and prohibits sellers from imposing credit card surcharges greater than those charged by the credit card company to the seller for such card use.
The Credit Card Surcharge Law applies regardless of whether the surcharge is a percentage fee or a fixed amount.
As of June 27, the Pennsylvania House of Representatives is considering a bill to bar interchange fees on sales tax when merchants accept credit or debit
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Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate credit cards to write unbiased product reviews.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate credit cards to write unbiased product reviews.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate credit cards to write unbiased product reviews.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate credit cards to write unbiased product reviews.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate credit cards to write unbiased product reviews.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate credit cards to write unbiased product reviews.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate credit cards to write unbiased product reviews.
If you've been in the credit card world for any length of time, you've probably heard the saying: "Don't ever close your first credit card." Since the length of your credit history is an important part of your credit score, closing one of your earliest credit cards can ding your score by a noticeable amount.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate credit cards to write unbiased product reviews.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate credit cards to write unbiased product reviews.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate credit cards to write unbiased product reviews.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate credit cards to write unbiased product reviews.