Credit Card Competition Act Vote Expected This Week

NACS is anticipating a vote on the Credit Card Competition Act may happen this week and calls all industry advocates to urge their Senators to vote in favor of the bill.

The sponsors of the legislation, Senator Dick Durbin (D-IL) and Senator Roger Marshall (R-KS), are advocating for the bill to be considered as an amendment to a package of spending bills known as the “minibus.”

However, Visa, Mastercard and the big banks have been spending millions each month aggressively calling on Congress to block a vote on the bill. NACS is asking its members to fight back by contacting legislators and demanding relief from skyrocketing credit card swipe fees.

The bipartisan, bicameral Credit Card Competition Act was introduced in both the U.S. House and Senate on June 7 to create choice for the processing of credit card purchases and address swipe fees, which has been championed by NACS and its members for more than two decades.

If passed into law, the Credit Card Competition Act would result in $15 billion in annual interchange savings. The convenience industry alone would save $1.5 billion each year, which totals about $9,000 per convenience store in annual savings.

Please contact your Senators NOW and tell them to stand with Main Street over Wall Street by supporting the Credit Card Competition Act.