Washington Takes Aim at Credit Card Processing Fees

Visa and Mastercard network fees are ‘part of problem’ as consumers face rising prices, lawmakers say.

Credit card on color block background.
(Image credit: Getty Images)

A bipartisan bill aimed at increasing competition in the Visa- and Mastercard-dominated credit card processing network is gaining momentum in Washington as companies take sides on whether it will ultimately help cut consumer and merchant costs.

The bill, the Credit Card Competition Act, seeks to increase industry competition by requiring credit card-issuing banks with assets over $100 billion to add a second credit card network to their platforms. The bill builds on debit card competition reforms enacted by Congress in 2010.

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Joey Solitro

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.