Major airlines' bottom line depends on credit card companiesThe Credit Card Competition Act , which was introduced to Congress in June 2023 would require major banks to use at least one credit card payment network that isn't Mastercard or Visa — companies that control more than 80% of US credit card transactions — to introduce more competition into the credit card market.
AdvertisementSen. Dick Durbin, a Democrat from Illinois, is the lead sponsor of the Credit Card Competition Act.
AdvertisementCredit card rewards incentivize travelersBusinesses typically make up for these credit card swipe fees by raising prices for customers.
Bohorquez, however, said increased credit card competition is unlikely to lower prices in practice.
"I hope that people continue to earn and enjoy their credit card points and take a lot of free trips."
Persons:
—, Jess Bohorquez, Bohorquez, she's, Banks, Sen, Dick Durbin, Durbin, I'm
Organizations:
Service, Sydney Opera House, Business, Federal, Mastercard, Visa, Airlines, United, Southwest Airlines, United Airlines, BI, Airlines for America, American Airlines, America, Banking, Housing, Urban Affairs, House
Locations:
Illinois, Delta