Senators Marshall and Durbin have reintroduced the Credit Card Competition Act in the Senate (S. 3623) and Representatives Gooden and Lofgren have reintroduced it in the House (H.R. 7035). In recent weeks, President Trump also endorsed the legislation.

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. Fuel retailers 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. NATSO urges you to contact your Senators and tell them it’s time to vote YES on the Credit Card Competition Act if it is considered in the Senate.