Does the Senate interchange amendment help consumers?
No. The interchange provision will increase costs and reduce choice for consumers. Nothing in the provision guarantees that consumers will see any savings, in fact, these changes will likely cost the consumers more money. Nothing in the provision will actually protect the small card issuer to run a viable card program. Consumers would lose if this provision becomes law. The merchant-supported interchange provision is intended to disrupt the card payment system in favor of merchants, to reduce their financial obligation for participating in the system and for the benefit received from accepting debit and credit cards. Merchants are shifting their costs to the consumer.
