Bill aims at fairness in credit card costs

Illinois businesses and consumers pay a hidden tax every time a customer uses a credit card to make a purchase. But instead of Uncle Sam getting the money, it goes to the big credit card companies and big banks. Called a "swipe fee," these charges amounted to nearly $130 billion in 2022.

That's a 20% increase compared to the year before. And Visa and MasterCard - which get away with this duopoly scheme because they control 80% of the credit card market - are planning to raise fees yet again.

Fortunately, there's some potential relief for Illinoisans on the horizon. The Credit Card Competition Act, sponsored by our own Sen. Durbin, would give business owners more options for how to process credit cards. The clever policy leverages the power of the free market to lower costs for businesses and drive down prices for consumers.

All of Illinois' elected leaders in Washington should join Sen. Durbin in supporting the bill.

Robert Razowsky

Northbrook