Tell Congress: Reform the broken and unfair U.S. credit card market
Visa and Mastercard dominate the U.S. credit card market. They account for 80 % of all credit card volume and have blocked competing networks that offer lower fees and better security from  processing transactions made on their cards. This lack of competition has caused credit card swipe fees to rise year after year. And since they are a percentage of the transaction cost, they increase with every cent of inflation. 


A bipartisan bill in Congress can help fix this broken and unfair system. The Credit Card Competition Act introduced by Sens. Dick Durbin, D-Ill., and Roger Marshall, R-Kan., in the Senate and Reps. Peter Welch, D-Vt., and Lance Gooden, R-Texas,  in the House, makes important reforms to require that there be at least two competing processing networks enabled on each card. One could still be Visa or Mastercard but the other would have to be an unaffiliated independent network like NYCE, Star or Shazam, or even American Express or Discover. These reforms have the potential to save American businesses and consumers an estimated $11 billion per year.


Contact Congress today and tell lawmakers to co-sponsor the Credit Card Competition Act now. 
 

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