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WASHINGTON, D.C. – Today, the U.S. Senate Judiciary Committee hosts a hearing on why ending the Visa-Mastercard duopoly is badly needed to allow more competition and lower swipe fees that punish consumers and small business owners alike. Ahead of the hearing, the Lower Credit Card Fees coalition sent a memo to committee members in support of legislation to do just that: the bipartisan Credit Card Competition Act (S. 1838, H.R. 3881) led by Senator Dick Durbin (D-IL) and Rep. Lance Gooden (R-TX) that would require banks issuing credit cards to support multiple payment networks that will foster competition, bring down swipe fees and improve security. By Introducing competition, the legislation is estimated to save consumers and merchants $16.4 billion every year. 

Under current law, the Visa-Mastercard duopoly allows the companies to impose exorbitant swipe fees—ten times higher than those in Europe—that have more than doubled over the last decade. Merchants are unable to negotiate these rates and are forced to accept the fees set by the two companies, which are then passed on to consumers.

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Lack of competition under the Visa-Mastercard duopoly—both on the credit and debit side—is why business owners are burdened with record high swipe fees that get passed onto consumers in the form of higher prices. In pursuit of record profits, Visa and Mastercard spent millions lobbying to keep the system broken and uncompetitive, which ends up jacking up costs on everything from gas to groceries, even for families who pay in cash. The good news is Congress has a chance to lower costs by billions of dollars for consumers and small businesses by passing the Credit Card Competition Act.”

Liz Zelnick, spokesperson for Accountable.US and a member of the Lower Credit Card Fees coalition

The Lower Credit Card Fees coalition includes American Economic Liberties Project, Accountable.US, Americans for Financial Reform, Fight Corporate Monopolies, Institute for Local Self-Reliance, National Community Reinvestment Coalition, National Independent Venue Association. As part of the effort, Accountable.US recently released a report revealing that credit card industry trade groups, along with Visa and Mastercard, spent a combined $21 million in the first half of 2024 lobbying against increased competition in the industry. This follows a 2023 Accountable.US analysis which showed that the same coalition had already spent $51 million opposing the Credit Card Competition Act, bringing the total lobbying spend to $80 million.

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