Back-to-School Credit Card Fees Costing Billions

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According to the National Retail Federation, total back-to-school spending is projected to reach $41.5 billion, and college shopping $94 billion. 

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Swipe fees, charges made to businesses each time a credit card is used to make a purchase, could skyrocket the price of college and school supplies. 

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Banks and card companies charge merchants about 2% of each credit card transaction, leading retailers to pass most of this cost on to consumers.

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This year, swipe fees are so high that they could drive up the cost of these necessary school and college supplies by $3 billion! 

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Swipe fees have jumped $22 billion in the last decade and broke a record at $160.7 billion last year.

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It should be noted, however, that swipe fees, also called interchange fees, do come with benefits. 

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Swipe fees not only fund a majority of credit card rewards but also offer benefits like higher sales and fraud protection for businesses.

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Are you willing to pay more for the convenience of credit card transactions? Consider the benefits and costs before you shop!