Electronic Payments Coalition |
EPC Explainer: Why Congress Should Oppose the Big-Box Bill (the Credit Card Competition Act)
The EPC has created an explainer handout that includes a general summary of the Big-Box Bill (the Credit Card Competition Act) and its negative impact on consumers, small businesses, and financial institutions. This legislation would allow big-box retailers–like Walmart and Target–to process credit card transactions based solely on what is cheapest for them without regard to the value that consumers derive from rewards and many other benefits. This would add billions of dollars to the bottom lines of mega-retailers every year while eliminating almost all the funding that goes towards popular credit cards rewards programs, weaking cybersecurity protections, and reducing access to credit. Keep reading below to learn more.