MPC Hill Blast: Hotel Owners Know Competition Will Improve Credit Cards
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Hotel Owners Association whose “20,000 members own 60 percent of U.S. hotels.”
She makes it clear:
- The Credit Card Competition Act “has nothing to do with rewards points and everything to do with free-market competition”
- “Whether it is hotels, convenience stores, food service or any other industry, a dynamic marketplace with healthy competition helps keep prices reasonable for consumers. It incentivizes companies to provide better products and services.”
- “The swipe fees on Visa and Mastercard credit cards alone were more than $100 billion last year, and they have tripled since 2010. The costs then get passed onto consumers in the form of higher prices on everything from guest rooms to groceries, affecting every family and multiplying the effects of inflation. Families end up paying $1,024 more yearly thanks to these invisible fees.”
- “According to data from the Federal Reserve, independent processing networks like Star, Shazam and NYCE — which this legislation would allow to compete — have one-eighth the Visa and Mastercard fraud rate. Increased competition would drive credit card companies to improve security even further to attract more users.”
- “Small businesses like independent hotels are being crushed by inflationary “swipe fees.” Injecting free-market competition into the processing arena is one strategy that will keep costs reasonable without undermining credit card rewards points or payment security.”
There you have it. Small businesses that make up the majority of the hotel industry (along with the vast majority of retail businesses of all sorts) support the Credit Card Competition Act and know from first-hand experience that the credit card industry’s scare tactics are wrong.
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Competition is better for everyone.
It's time to pass the Credit Card Competition Act
(H.R. 3881 / S. 1838)
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