Congress to look at credit card "swipe fees"Posted: Updated:
WASHINGTON -- Congress is turning its attention to hidden credit-card fees that cost American shoppers an estimated $48 billion each year.
Technically, the term "swipe fee," means the costs of using -- or swiping -- your credit card. It's also called and interchange fee and is averages a full 2 percent of the purchase price.
While that fee used to cover processing costs, it's now a big source of profits for banks that issue credit cards.