Durbin Calls On CEOs Of Visa, Mastercard, United Airlines To Testify Before The Judiciary Committee Regarding Credit Card Competition

Statement

“Visa and Mastercard have aggressively opposed efforts to bring competition to the credit card market in order to protect the dominant market position they share. Visa, Mastercard, and its allies have spent millions of dollars opposing my Credit Card Competition Act, including through false and misleading advertising claiming the bill would ‘ban’ credit card rewards programs. At the same time, both American Airlines and United Airlines have aggressively opposed efforts to bring competition to the credit card market in order to protect the billions of dollars in windfall profits their companies collect through their co-branded credit cards. These airlines have become credit card companies that fly planes.

Particularly given Visa, Mastercard, United Airlines, and American Airlines’ self-proclaimed personal engagement in this issue, it is critical that the Committee, and the American people, hear directly from their CEOs in defense of a status quo that allowed Visa and Mastercard to levy a total of $93 billion in credit card fees on consumers, small businesses, and others in 2022 alone.”

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