New Jersey reins in credit card swipe fees for shoppers. New Jersey passed a new law recently that limits the amount of credit card surcharges, or so-called “swipe fees,” that businesses can pass on to customers, taking action on an issue that Congress is considering and several other states have already tackled.Under the law, which is now in effect, merchants may only charge customers the same cost of the swipe fees that they themselves pay to banks and credit card networks. The law also requir
The retail industry, which wants the Federal Reserve to lower a decade-old price cap, has been complaining that higher prices for consumers mean heftier interchange fees. But banks are pointing out that the $10 billion-asset threshold below which financial institutions are exempt from the cap hasn’t been adjusted for inflation.