Jul
28
2022
Senators Dick Durbin (D-IL) and Roger Marshall (R-KS) are expected to introduce a bill to limit credit card interchange fees. If enacted it would be a huge win for merchants, who love taking credit cards – since it means higher sales volumes at a lower cost than accepting cash – but would prefer not to pay for the privileges.
This is usually couched, by lobbyists for big retailers, as benefiting consumers. However prices haven’t fallen anywhere that interchange has been limited, such as in Europe and Australia. But it would effectively end credit card rewards as we know it.
