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Each time a credit card is used, a merchant or business is paid immediately and the financial institution that issued the card receives an interchange fee through the card payment system. At credit unions, interchange supports everything from re-issuing cards compromised by retailer data breaches and covering fraudulent charges to providing a call center to contact if a card is lost or stolen.
Unfortunately, large retailers are trying to change the system. Instead of keeping consumers safe from data breaches, big box retailers are trying to add to their record profits by changing how credit cards work. Credit card interchange restrictions would lower interchange revenue for credit unions, make it more difficult for people to access credit, and generally inhibit credit unions’ ability to offer credit cards.
The current interchange system works, and we need your help reaching out to your congressional leaders urging them to oppose S. 1838/H.R. 3881. Please take a few moments to complete this call-to-action and email your Congressperson and Senators.
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