Cenk Uygur
@TheYoungTurks·6.5M subscribers·72.8K videos
Credit Card Industry Is Using 'Anti-Woke' Propaganda To Get Their Way
Posted
August 7, 2023
Views
60,448
Likes
1,862
Comments
512
Engagement
3.93%
August 7, 2023
60,448
1,862
512
3.93%
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12:55Now PlayingVisa and Mastercard is doing whatever it takes to keep pocketing swipe fees. Cenk Uygur, Maz Jobrani, and John Iadarola discuss on The Young Turks.
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"A bipartisan group of lawmakers is pushing for a piece of financial reform that would unshackle small businesses and consumers alike from the maw of Visa and Mastercard’s credit card duopoly. Wall Street, in response, is spending millions to thwart the bill’s recent advances by fueling a conservative culture war over gay pride demonstrations and Chinese influence.
In coordination with big banks, Visa and Mastercard extract billions of dollars each year in “swipe fees” from retailers for the cost of accepting payments from cardholders. Though the fees hit all retailers, and a portion of them is passed on to consumers in the form of higher prices, low-margin businesses like independent corner stores or gas stations face a higher percentage of these costs relative to their revenue."
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