Mastercard wrote to several members of the U.S. Congress this week to highlight the harms the Credit Card Competition Act would bring to consumers, businesses of all sizes and financial institutions. The letter explains how the Credit Card Competition Act would remove consumer choice, erode security, eliminate rewards, and prevent small businesses from investing in their future. The letter says in part: “Mastercard is not increasing US interchange rates this fall. Mastercard is not raising network fees in the US required for the processing of transactions this fall. The payments industry has never been more competitive. Electronic payments empower consumers, allow merchants of all sizes to thrive, and strengthen the American economy. Mastercard’s technology protects consumers from fraud and keeps them safe.” The letter further says: “Competition has made this country great. It has inspired individuals and companies to think big and drive innovation. However, the Credit Card Competition Act will thwart the competition you seek to protect. The legislation will remove consumer choice, erode security, eliminate rewards, and dramatically prevent small businesses from investing in their future. Competition is threatened when policy is made in the absence of facts.”
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