The Credit Card Competition Act of 2022 gives the government power over America’s credit card system by placing a federal mandate on card networks and payment routing. The authors of the bill claim it will limit the small fees that merchants pay when they accept credit card transactions. This column from The Points Guy goes more into detail about the potential credit card benefit loss. First, it will force banks to contract with multiple credit card routing companies, diminishing a local bank’s ability to offer practical and popular credit card products like cash back and rewards programs. That is certainly the case with the Credit Card Competition Act of 2022.

Source: Washington Post October 08, 2022 07:14 UTC