Affordability
Affordability has been the talk of the town. You can read it here, here and here.
The credit card industry is fighting against affordability as hard as it can.
- They use a cartel structure to fix credit card swipe fees.
- Those fees were $187 billion last year alone.
- The fees are a percentage of the purchase price, so they multiply any price increases across the economy.
- They cost the average American family $1,200 per year.
- They hit lower income Americans the hardest.
Don’t believe us? Just ask Visa. They haven’t been shy about how they benefit from inflation. Just take a look at what their CEO and CFO have said:
- "Inflation has been positive for us." (read it here)
- "We're a beneficiary of inflation." (read it here)
The Credit Card Competition Act simply uses free market competition to help reduce these fees and keep prices down.
- The bill would save Main Street and its customers $17 billion per year including annual savings by state of:
- $1.2 billion for Florida
- $500 million for Georgia
- $475 million for Michigan
- $76 million for Maine
- $500 million for North Carolina
Helping Americans afford the things they buy every day, from gas to groceries to an occasional restaurant meal, just by ensuring that credit card companies compete on price (like every other business already does) is a win for everyone.
COMPETITION IS BETTER FOR EVERYONE
IT'S TIME TO PASS THE CREDIT CARD COMPETITION ACT