Support the Credit Card Competition Act

The Credit Card Competition Act seeks to address the lack of competition in the credit card industry dominated by Visa and Mastercard. Their duopoly allows them to set exorbitantly high swipe fees, costing merchants and consumers billions annually. This act would promote competition, leading to fairer swipe fees and better services, without jeopardizing rewards programs as banks claim. Claims that it would end rewards are unfounded, as evidenced by countries that underwent similar reforms while retaining rewards programs. The $15 billion in estimated savings would provide much-needed relief for businesses and families bearing the burden of these excessive fees. I urge you to support the Credit Card Competition Act to foster a more competitive and equitable credit card market that benefits both businesses and consumers.