Consumer Reports letter to lawmakers in Congress endorsing the Credit Card Competition Act of 2023. The bill requires credit card issuers, those with over $100 billion in assets, to enable two networks to route credit card transactions. This co-badging would mean a Visa or Mastercard credit card issued by the largest banks will include Visa/Mastercard and one more payment network to route the credit card transaction. The merchant’s ability to choose which network to use should result in more competition for the merchant’s business and consequently lower swipe fees for merchants, some of which will be passed on to consumers as lower prices.