Credit card swipe fees continue to rise at an unsustainable rate. The Credit Card Competition Act would mandate that, for major banks, there be at least two routing networks available to retailers. Travel centers and truck stops would have a choice beyond simply Visa and Mastercard since the bill would require a smaller, competing network to be enabled on the card as well. The banks would finally be made to compete for a retailer’s business, similar to what happens with debit cards today. By allowing our industry to choose between multiple credit card processors, the legislation would save our industry an estimated $11 billion per year.

It’s time for Visa and Mastercard to finally compete on credit card transactions. Contact your legislators today and tell them it’s time to vote YES on the Credit Card Competition Act language as an amendment to Senate banking legislation.