The Credit Card Competition Act has been reintroduced in the U.S. Congress with bipartisan sponsorship and renewed momentum following public statements of support from the president of the United States.
The legislation is sponsored by Sens. Roger Marshall (Kan.) and Dick Durbin (Ill.) in the Senate and Reps. Lance Gooden (Texas) and Rep. Zoe Lofgren (Calif.) in the House. It is designed to introduce competition into the credit card payments market and rein in excessive swipe fees charged to merchants.
PVA strongly supports the passage of the Credit Card Competition Act. Credit card swipe fees have increased dramatically and now represent a significant and unsustainable cost for passenger vessel operators.
With most passengers paying for tickets, ferry trips, and onboard purchases by credit card, these fees affect nearly every transaction, both onshore and offshore, driving up operating costs and consumer prices.
The bill would apply only to the largest banks and require them to offer at least two unaffiliated payment network options, introducing competition into a market currently dominated by Visa and Mastercard. Increased competition would help lower costs, improve service, and enhance security for small businesses.
Members are encouraged to review data, myths, and facts provided by the Merchants Payments Coalition.
PVA continues advocating for policies that reduce costs and support passenger vessel operators, small businesses, and the travel and tourism economy.