Credit Card Competition Act

[Artisan Vistra]

Forget the math because it's kind of off, but still crazy to believe. Visa and Mastercard are monopolies. As of Q3 2024, people owed 1.17 trillion dollars in debt on their credit cards. The Credit Card APR is 28.7% from Mastercard and Visa.

 

[Burnsy]

Duopoly*
Also it's easy to chastise them but it's much harder to create new companies that can just eat market share of Visa and MC. It would involve RnD, patents, negotiations with customers who'd already be using the existing companies and might not care enough to switch or have some kind of lock in. The more players enter the harder it gets for the next guy.
In China and India, QR based payments have kicked Visa and Mastercard to the curb. Id say you should follow suit but I don't see people getting over their sinophobia.

 

[Demon_Skeith]

I'm thankful I always pay my cards off

 

[froggyboy604]

I'm also thankful that I oay off my card.

 

[Grungie]

Can’t have credit card debt if you never had one.

 

[Demon_Skeith]

Can’t have credit card debt if you never had one.

This is the true answer.