New Poll Shows Consumers Trust Private Payment Networks, Not Government

Today, the Taxpayers Protection Alliance released a poll conducted by GrayHouse revealing that consumers are satisfied with existing credit card offerings and networks, and show significant concerns about proposed legislative changes. A comprehensive national survey of 1,000 registered voters has delivered a resounding message to Congress: Americans trust private payment and credit card systems and don’t want lawmakers getting in the way of access to these networks.

According to the survey:

Consumers Trust Credit Card Issuers and Payment Networks

The data shows strong consumer confidence in credit card companies and their payment processing networks. An overwhelming 77 percent of voters express trust in credit card companies to protect them against fraud, while 75 percent trust them as safeguarding their personal data. Perhaps most telling, 67 percent believe card issuers act in their best interests. When it comes to specific networks, Visa and Mastercard emerge as the most trusted companies for data security and consumer protection, with approval ratings of 78 percent and 73 percent respectively—ratings that surpass even major retailers.

Rewards Programs Provide Real Financial Lifeline

Consumers recognize the unique role that credit card rewards play in bolstering financial security for millions of Americans. The survey found that 79 percent of cardholders use rewards cards, with more than half (58 percent) using them regularly. The financial impact is substantial: 48 percent of users receive more than $500 annually in rewards, and 41 percent consider these programs “essential” or “very important” to their household budgets.

Voters are Skeptical of the Credit Card Competition Act

When voters learned details about the proposed Credit Card Competition Act (CCCA), their initial support evaporated. After hearing arguments from both sides, 60 percent opposed the legislation, with 33 percent of surveyed voters being “strongly opposed.” When asked about their top concerns, 83 percent worry about losing rewards programs, 75 percent fear increased fraud from untested payment networks, and 72 percent oppose giving the Federal Reserve additional regulatory power.

Additionally, 59 percent of voters believe any benefits would flow to retailers rather than consumers, with the same percentage convinced that retailers would pocket reduced fees instead of passing savings along to customers.

Consumers are Ready to Hold Politicians Accountable

 The poll reveals the potential electoral consequences for lawmakers who support the CCCA. When informed that the legislation could eliminate rewards, weaken fraud protections, cost 183,000 jobs, and primarily benefit large retailers, 47 percent said they would be less likely to vote for a member of Congress who supported the CCCA—compared to just 34 percent who would be more likely.

The survey’s conclusion is clear: Americans view current private payment systems as effective, trustworthy, and valuable. Any legislative attempt to restrict these networks faces not just consumer opposition, but potential political backlash at the ballot box.