Unions, Small Business Groups & Advocates Launch LowerCreditCardFees.com Urging Congress to Pass CCCA and New Report Highlighting Dark Money Involved

Swipe fees are a drain on the American economy, extracting billions from small businesses and households every year," said Morgan Harper, Director of Policy and Advocacy at the American Economic Liberties Project. "By dismantling Visa and Mastercard's tight duopoly, the CCCA will spur competition within the payment network industry and drive down prices. It's no surprise that so many small businesses, from restaurants to convenience stores and gas stations, are championing this legislation; swipe fees are often their highest expense. We urge Congress to reject the bank lobby’s spin and pass the CCCA.”

“The Credit Card Competition Act will help lower the credit card swipe fees hurting small businesses across the country,” said Helen Brosnan, Executive Director of Fight Corporate Monopolies. “And that’s exactly why Wall Street is lining up to influence policymakers to use bogus right-wing rhetoric to try and block it. Let’s be clear, this bill will break Visa and Mastercard’s duopoly and inject desperately-needed competition into credit card payment networks to lower prices to the benefit of working people everywhere.”

“The credit card industry is spending millions lobbying to convince Congress that more competition is a bad thing. Lack of competition is why business owners are burdened with record high swipe fees that get passed onto consumers, jacking up costs on everything from gas to groceries even for families who pay in cash,” said Liz Zelnick, Director of the Economic Security & Corporate Power, Accountable.US “The fact Europeans enjoy generous credit card rewards and low swipe fees proves the scare tactics by U.S. industry lobbyists are based on greed, not reality.”

“Consumers, hard-working union members and small businesses alike are tired of high credit card fees and the money big Wall Street banks take out of their pockets,” Merchants Payments Coalition Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said. “Swipe fees cost the average family more than $1,000 per year. It’s time for Congress to protect consumers, workers and small businesses from the central price-setting of the Wall Street giants.”

"The current credit card interchange system is uncompetitive, non-transparent, and harmful to consumers," said Renita Marcellin, Legislative and Advocacy Director of Americans for Financial Reform. "All consumers pay more at stores and at the pump due to the anticompetitive practices of Visa and Mastercard, which set both the rules and prices for merchants to accept electronic payments. The Credit Card Competition Act is an important step in fixing this disparity."

"We consistently find in our research that concentrated market power is the single biggest threat facing independent businesses. When I speak with small businesses, credit swipe swipe fees is a top issue," said Lauren Gellatly, Advocacy and Campaigns Manager with the Institute for Local Self-Reliance. "This monopoly tax must be addressed through legislation like the Credit Card Competition Act."