End Predatory Credit Card Swipe Fees: Support the Credit Card Competition Act

Millions of Americans are paying the price for unchecked greed in the credit card industry. When prices rise, big banks and credit card companies like JPMorgan Chase, Visa, and Mastercard rake in even higher profits through inflated swipe fees. These fees are hidden in the cost of nearly every purchase, costing families an average of $1,200 per year.

Executives like Jamie Dimon, who made $39 million in 2024 alone, have a vested interest in keeping prices high. Visa has openly admitted that 'inflation has been positive for us.' These companies profit while regular people struggle to make ends meet.

The Credit Card Competition Act offers a real solution. By requiring credit card companies to compete rather than collude, this legislation would lower fees, reduce prices, and put money back in the pockets of everyday Americans. It would also help close dangerous loopholes that put our financial security at risk, such as foreign access to U.S. credit card networks and illicit money laundering through prepaid cards.

Wall Street has gotten away with ripping off consumers for too long. We need Congress to act now and pass the Credit Card Competition Act, putting people over profits and protecting our communities from corporate abuse.