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It's been a month since senators Dick Durbin & Roger Marshall reintroduced the credit card competition act. The bill aims to improve service and lower cost for merchants, ultimately benefiting consumers. But The Points Guy's Brian Kelly says it will do just the opposite.

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Profilbild von CBStuffer

CBStuffervor 3 Jahren

@thepointsguy This is not true. The Credit Card Competition Act will create COMPETITION and since when was competition a bad thing?

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Sub framervor 3 Jahren

@thepointsguy Of course it will do just the opposite. Durbin is a career hxck, in the pocket of retailers, could care less about consumers losing card perk benefits. xxxx xxx, Durbin.

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RandomDuckess, question everythingvor 2 Jahren

@thepointsguy @kurtrisser

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In the USA the credit card duopoly of Visa and Mastercard controls most of the payment market share. The fees they tack on to transactions cost $137 billion per year which impacts prices for everyone. Mastercard and Visa are paying the competition NOT to compete with them. They are being sued by the DoJ for paying Paypal, Apple and Square NOT to compete. The average family pays $900 each in those higher prices at stores. The Credit Card Competition Act, sponsored by Republicans Roger Marshall, JD Vance and Josh Hawley is designed to create more competition and stop MC and Visa from overcharging for swipe fees.

In the USA the credit card duopoly of Visa and Mastercard controls most of the payment market share. The fees they tack on to transactions cost $137 billion per year which impacts prices for everyone. Mastercard and Visa are paying the competition NOT to compete with them. They are being sued by the DoJ for paying Paypal, Apple and Square NOT to compete. The average family pays $900 each in those higher prices at stores. The Credit Card Competition Act, sponsored by Republicans Roger Marshall, JD Vance and Josh Hawley is designed to create more competition and stop MC and Visa from overcharging for swipe fees.

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This is sickening. Credit card companies have shamelessly exploited the financial struggles of Americans, preying on the reality that many can’t afford basic necessities and are forced to rely on credit cards just to survive. The Credit Card Competition Act will end this duopoly and it couldn’t happen fast enough.

This is sickening. Credit card companies have shamelessly exploited the financial struggles of Americans, preying on the reality that many can’t afford basic necessities and are forced to rely on credit cards just to survive. The Credit Card Competition Act will end this duopoly and it couldn’t happen fast enough.

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The American people are laser focused on affordability. There are unique ways for Republicans to champion this issue and help lower costs. The Credit Card Competition Act is a great way to put money in Americans pockets and bring relief.

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Senator Josh Hawley from Missouri grills the credit card companies Visa and Mastercard over the duopoly they hold! Their profit margins are over 50%!! Grocery stores profit margin is only, 1-3%! Josh Hawley calls out big credit card swipe networks for dominating the market, making HUGE profit at the expense of small businesses, and STILL trying to stifle competition. "I'm having a hard time finding that position defensible, let alone sympathetic." 🤨 Europe has more competition and as a result the swipe fees are much lower. The Credit Card Competition Act would introduce more competition into the American market.

Senator Josh Hawley from Missouri grills the credit card companies Visa and Mastercard over the duopoly they hold! Their profit margins are over 50%!! Grocery stores profit margin is only, 1-3%! Josh Hawley calls out big credit card swipe networks for dominating the market, making HUGE profit at the expense of small businesses, and STILL trying to stifle competition. "I'm having a hard time finding that position defensible, let alone sympathetic." 🤨 Europe has more competition and as a result the swipe fees are much lower. The Credit Card Competition Act would introduce more competition into the American market.

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