1. United States
2. Texas
3. Letter

The Credit Card Competition Act poses a severe threat to consumer benefits and access to rewarding credit card programs. This legislation would effectively eliminate lucrative sign-up bonuses, points-earning abilities, and valuable consumer protections offered by major credit card companies. Capping interchange fees, as proposed in the bill, has historically led to the gutting of rewards programs, free checking accounts, and other financial perks for consumers. Rather than benefiting everyday Americans, the CCCA primarily serves the interests of large corporate retailers by allowing them to dictate the cheapest processing options without regard for security or rewards. Numerous studies have indicated the act would hamper economic growth, cost jobs, and disproportionately harm rural and low-income communities with reduced access to credit and banking services. I urge you to reject this misguided legislation that undermines consumer-friendly financial products in favor of boosting profits for big-box stores. The Credit Card Competition Act is an attack on reward programs that make travel more accessible and enrich people's lives through new experiences. Please vote no on any attempts to attach this bill as an amendment and protect the ability of Americans to earn and use credit card rewards freely.