Former President Donald Trump is set to announce a pledge to reduce what he describes as "out-of-control credit card swipe fees" during his speech at the Republican Midterm Convention in Dallas. According to prepared remarks, Trump intends to tell the attendees that slashing these fees will save the average American family $1,200 annually.
Trump plans to argue that consumers should not bear swipe fees that are significantly higher than those in other countries, drawing a parallel to his past actions on "favored nations" policies. He previously advocated for the Credit Card Competition Act, which he stated on social media would end the "out-of-control swipe fee ripoff." The former president has also previously suggested capping credit card interest rates at 10%.