Credit Card Competition Act adds three Senate cosponsors as merchants push routing choice

In August 2026, Sens. Angus King, Cynthia Lummis and Bernie Moreno signed on as cosponsors of the Credit Card Competition Act, PYMNTS reported on August 10. The bill would allow card payments to be routed over at least one network that competes with Visa and Mastercard, similar to the routing choice that already exists for debit. President Donald Trump endorsed the bill in January. No floor vote or committee action on the bill itself had been reported, but supporters see a chance it could be attached to other financial-services legislation.

For merchants, the appeal is cost. Supporters argue that competition for routing would push swipe fees down. Banks and credit unions oppose it, arguing that most savings would go to large retailers, that small businesses could lose up to $1 billion in card rewards, and that access to credit could shrink for some consumers. Merchant groups led by the National Association of Convenience Stores are lobbying hard for passage.

There is nothing to change at the counter today. But this is a good time to understand your own exposure. Ask your processor for a breakdown of your credit volume by network and card type, and whether your current pricing would pass through any reduction in network or interchange costs. Merchants on flat-rate or tiered pricing are the least likely to see savings automatically, so ask whether interchange-plus pricing is available.

This bill moves alongside the pending Visa and Mastercard class settlement, which offers different relief. Keep an eye on both, since either could change your processing costs over the next few years.