Interchange

Protect Consumers’ Credit

Consumers across the country rely on credit cards to make life happen, from paying for groceries to covering emergency car repairs or medical expenses. Accepted nearly everywhere, credit cards offer robust security, fraud protection and access to credit that may not be otherwise available. Interchange fees, which are only a fraction of a cent per dollar transacted, make this possible.

Why you should care

Consumers have come to rely on credit cards to build credit and gain access to funds that otherwise may not be available.
Interchange fees cover the cost of fraud detection, credit monitoring, and fraudulent purchase protection benefiting both consumers and merchants. A less secure payment network could therefore raise fraud-related costs for credit unions and banks.
The Credit Card Competition Act threatens credit unions’ ability to provide important services to their members – including their ability to offer credit cards.

Data shows that credit card fraud was the second largest type of identity theft reported in 2021. (Federal Trade Commission, Consumer Sentinel Network Databook 2021)

Where we stand

The current interchange payment system works to benefit consumers, credit unions, and merchants.  CUNA and the Leagues, together with other in the financial services industry, are working together to stop legislation aimed at changing credit interchange. 