Mastercard Says It Is Not Raising Network or Swipe Fees

Card processing giant says WSJ story on credit card fee hikes ‘is wrong.’

Blue-tinted image of credit card on laptop.
(Image credit: Witthaya Prasongsin, Getty Images)

Mastercard is hitting back on media reports circulating last week that said the credit card processing giant along with rival Visa plan to raise credit card network and interchange “swipe” fees that merchants pay for card transactions.

“Unfortunately, the story is wrong,” Mastercard said in a Sept. 5 website statement. The statement refers to an Aug. 30 Wall Street Journal report that Visa and Mastercard – which dominate the card processing market with an 80% market share – intend to begin raising fees on merchants in October and April. Several other media outlets also picked up the WSJ story.

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Joey Solitro

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration. 

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