Thanks to sky-high inflation, credit card delinquency has risen this month to its highest rate in over 10 years. Rather than helping to ease prices, members of Congress are making credit cards even more complicated.
the roughly 30 banks with over $100 billion in assets each that issue Visa or Mastercard credit cards. Under the law, those banks would have to issue cards on at least one credit card network outside the so-called Visa-Mastercard duopoly. The bill’s sponsors claim that these changes will bring competition to the credit card market, driving down the fees charged to retailers per swipe and passing those savings to consumers. If history is any indication, things won’t work out that way.
In its haste to score political points, the bill prohibits card networks and issuing banks from requiring merchants to use stricterreduces competition between the networks, leaving consumers with less secure payment systems as a result. It’s not the market leaders’ fault that their competition hasn’t caught up to their security measures. Other networks may feel incentivized to catch up to Visa and Mastercard if the matter is left up to market forces. Credit card fraud is the most
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