Credit card swipe fees raise costs for businesses, consumers. Congress should lower those fees.

When customers swipe credit cards for purchases, merchants are charged a fee of 2% to 3% or more, far more than the cost of processing those transactions. (stock.adobe.com)

Credit cards and the banks that issue them really ought to take the “swipe” out of so-called swipe fees.

When customers swipe credit cards to pay for something, merchants are charged a fee of 2% to 3% or more, far more than the cost of processing those transactions. Part of that money goes to the bank that issued the card and part goes to the credit card company.