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Please consider mentioning some of the following points while on your call:

  • Big banks and credit card companies have preserved a stranglehold over the credit card routing market.
  • By not having to compete with each other, big banks and credit card companies can keep raising costs and profiting off high card fees – with small businesses and consumers paying the price.
  • The Credit Card Competition Act would fix this broken market.
  • U.S. swipe fees are the highest in the industrialized world – more than 7 TIMES the maximum allowed charge in Europe, which is 0.3%.
  • Swipe fees have more than doubled over the past decade. That’s due to a lack of competition.
  • Swipe fees are most merchants’ highest operating cost after labor, and drive up prices paid by consumers.
  • This costs the average American family over $900 a year at a time they can least afford it.
  • That’s a huge hidden card fee, far higher than the annual fee for even the fanciest premium credit card.
  • Visa and Mastercard have captured 80% of the payments marketplace, dictating the fees that small businesses must pay – with small Main Street merchants hit the hardest, paying higher rates than larger competitors.