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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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138,488 просмотров • 3 лет назад •via X (Twitter)

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Комментарии: 3

Фото профиля CBStuffer

CBStuffer3 лет назад

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

Фото профиля Sub framer

Sub framer3 лет назад

@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.

Фото профиля RandomDuckess, question everything

RandomDuckess, question everything2 лет назад

@thepointsguy @kurtrisser

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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.

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The credit card system takes 2-4% of everything you buy in so-called “swipe fees”, $1,200 per year for American families. It adds up to $17 billion per year. Compared to Canada, Americans are paying 2x more in swipe fees. Compared to Europe, we are paying 7x more. How did credit/debit card swipe fees get so out of control in the USA? Lobbying Congress and $80 million per year donated by the major banks. The only way to bring about real competition is the Credit Card Competition Act. This would allow American businesses to choose which network to use, opening the door to further competition and lower fees.

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