Credit Card Fee Fight Pits Payment Companies Against Retailers

The Senate and House of Representatives are revisiting the Credit Card Competition Act, which would require big banks to add credit card support for at least one network other than Visa or Mastercard. Major retailers like Amazon and Target support the bill, asserting that credit card processing fees discourage consumers from shopping. But Visa and Mastercard say the legislation would hurt buyers by abating rewards programs and fraud protections.

Click here to read the full article by CNBC’s Kristina Partsinevelos.