The legislation would allow merchants to route transactions over multiple card networks, boosting competition, cutting costs for

Shares of the world’s largest payment networks fell after President Trump took to his Truth Social platform early Tuesday morning to endorse the Credit Card Competition Act. Visa dropped 4.5% in Tuesday trading,

President Donald Trump said that lawmakers should support legislation that would require credit cards issued by most large banks to offer merchants the choice between two unaffiliated card networks, one of which cannot be Visa or Mastercard.

Some of the industry’s largest airlines have joined forces to oppose legislation that aims to reduce fees charged by Visa and Mastercard on credit card transactions. Put forth by Senators Dick Durbin (D-Il) and Roger Marshall (R-KS), the measure seeks to ...

Bill Ackman criticized credit card rewards programs, saying low-income consumers end up subsidizing benefits for wealthy cardholders.