This Valentine’s Day, U.S. consumers are expected to spend an average of $185.81 on jewelry, greeting cards, candy, flowers, clothing, etc.
But the Merchants Payments Coalition (MPC) says consumers will pay more in credit card “swipe fees.”
When buying that Valentine’s greeting card or two or three pieces of chocolate, MPOC says based on the average 2.24 percent rate for Visa and Mastercard, consumers will pay an extra $4.16 per person in swipe fees.
“Rising swipe fees banks charge merchants to process credit and debit card transactions could cost consumers almost $578 million in higher prices as they celebrate Valentine’s Day this year,” said the Merchants Payments Coalition.
The swipe fees the consumer will pay vary, of course, on what items are purchased.
For example, A $120 “Classic Love” red rose bouquet can include $2.70 in swipe fees. A $60 box of chocolates swipe fee amounts to about $1.30.
If the dinner for two costs $200, patrons could see a $5 swipe fee on the meal and tip. A $50 bottle of wine or champagne adds another $1 in fees.
Weeding engagements also include huge fees. If a loved one proposes to the other, Bride’s magazine says an average $6,500-plus engagement ring in 2022, would cost $145 from the swipe fees.
When you include jewelry, going out for dinner, clothing, and flowers. The total estimated swipe fees will cost consumers $143.4 million of the $6.4 billion consumers are expected to spend for Valentine’s Day.
Another reason swipe fees have increased is credit card use has increased 50 percent since COVID-19.
