Summary from the author
Short Summary of the Credit Card Competition Act of 2023 (PDF)
Will it impact rewards programs and points?
The Credit Card Competition Act aims to lower swipe fees for merchants. But many disagree on what this means for consumers.
The Credit Card Competition Act of 2023 would give merchants network choice in processing transactions. It could impact consumers through lower rewards and security.
Credit cards vs retailers
Bipartisan support for the Credit Card Competition Act has surged since it was introduced last year.
Congressional Work and lobbying
Senate appropriators’ decision to add $13.7 billion to the FY2024 spending caps cements a reality that’s been hovering over the Capitol.
The financial industry's campaign against the government's effort to curb fees is an attempt to flip the consumer protection argument on its head
A coalition representing Visa, Mastercard, JPMorgan Chase, and other finance giants is trying to turn Americans against efforts by Congress to curb junk fees.
What is the impact?
Proponents of credit rewards programs oppose a new bill that would cut down on swipe fees. But these costs are borne disproportionately by the poor.
Who is behind the "Consumer Credit Card Protection Coalition"?
No information found. Thread about why it matters here.