MYTH: Retailers pocketed the savings from the Durbin Amendment
FACT: RETAIL IS SO COMPETITIVE THAT REDUCING BUSINESS COSTS ALWAYS RESULTS IN CONSUMER SAVINGS
MYTH: If this bill passes, credit card rewards will disappear
FACT: CREDIT CARD REWARDS ARE OFFERED AROUND THE WORLD EVEN THOUGH THEIR FEES ARE MUCH LOWER
MYTH: This bill will hurt small banks and credit unions.
FACT: THE BILL DOES NOT APPLY AT ALL TO SMALL BANKS AND CREDIT UNIONS – THEY WON’T HAVE TO DO A THING
MYTH: The bill will hurt card security.
FACT: THE BILL WILL IMPROVE CARD SECURITY AND FIX A VULNERABILITY BY PLUGGING THE LOOPHOLE THAT TODAY COULD ALLOW CHINA UNION PAY TO ENTER THE U.S. MARKET
MYTH: Swipe fees are needed to cover rising fraud costs.
FACT: RETAILERS ALREADY PAY FOR A MAJORITY OF FRAUD LOSSES AND THE FEES ARE MANY MULTIPLES OF TOTAL FRAUD LOSSES
MYTH: The bill isn’t workable and would lead to a massive reissuance of cards.
FACT: THE SAME THING HAPPENS WITH THE SAME BANKS ON DEBIT CARDS AND NONE OF THAT REQUIRED REISSUING CARDS
ONE THING IS CLEAR FROM ALL OF THIS – EVERY ONE OF THE CLAIMS MADE BY THE CARD INDUSTRY TO CRITICIZE THE CREDIT CARD COMPETITION ACT IS WRONG