U.S. Airlines criticize Congress bill on credit-card fees, BI reports

U.S. airlines are criticizing a new bill in Congress, called the Credit Card Competition Act, that seeks to lower credit card swipe fees by compelling U.S. banks to enable businesses to use at least one payment network that is not Visa (V) or Mastercard (M), Business Insider’s Matthew Loh reports, citing the airlines. Many carriers are lobbying against the bill through Airlines For America, arguing cutting revenues from major payment networks would make them far less likely to offer rewards for programs like flyer miles. Publicly traded companies in the space include Alaska Air (ALK), American Airlines (AAL), Delta Air Lines (DAL), JetBlue (JBLU), Southwest (LUV), Spirit Airlines (SAVE) and United Airlines (UAL).