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BONUS EPISODE: The Credit Card Competition Act and How YOU can help NOW!
Manage episode 407274608 series 3561585
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Visit the Savvy Shopkeeper website and click on “Credit Card Reform” in my main menu or click HERE to complete the Voter Voice form.
I recently traveled to Washington DC to advocate for credit card reform on behalf of the Savvy Shopkeeper community and here's why...
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 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 $15 billion per year.
Contact Congress today and tell lawmakers to co-sponsor the Credit Card Competition Act now.
Visit the Savvy Shopkeeper website and click on “Credit Card Reform” in my main menu or click HERE to complete the Voter Voice form.
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