Mick & Jami Lewis
As small business owners in Philipsburg, Montana, we understand how tourism shapes our local economy. From skiers heading to Discovery Ski Area to summer visitors exploring Georgetown Lake, our small town thrives thanks to the steady flow of visitors who come to experience the natural beauty of our corner of Montana and many of the small businesses in our town rely on tourists to stay afloat.
Our state welcomes millions of visitors annually who come to experience our world-class skiing, pristine lakes, and stunning mountains. These visitors don’t just support traditional tourism businesses – they create opportunities for specialty businesses like ours. When visitors fall in love with our area and invest in property here, they seek out local help.
Like many small businesses, we rely on credit cards to manage some of our operations. We use them to cover the cost of materials, equipment, and other expenses, helping us maintain cash flow, and keep projects on schedule and within budget. The rewards we earn from these purchases allow us to reinvest in our business, lower costs, and remain competitive in a challenging market. Credit cards aren’t just a convenience for us – they’re an essential financial tool that helps us navigate the ups and downs of running a small business.
As business owners, we understand the value of careful planning and smart financial management. That’s why we’re deeply concerned about the Credit Card Competition Act (CCCA), legislation that will strip banks and credit unions of the interchange revenue they use to fund perks like credit card rewards. We use credit card rewards to offset the substantial materials costs we incur, allowing us to maintain the high quality our clients expect while keeping prices competitive. And that could all be put at risk if this bill becomes law.
Just like what happened with the Durbin Amendment, The CCCA would also eliminate credit card rewards programs as we know them. When local banks and credit unions lose the revenue they use to fund these rewards programs, small businesses like ours would lose an essential revenue stream. A University of Miami study found that this bill would cost small businesses $1 billion in rewards. For businesses that experience seasonal fluctuations like ours, this would be devastating during slower periods.
When you’re running a small business, every penny counts. Any legislation that will hurt the rewards programs small businesses depend on is legislation that should be opposed. For the sake of Montana’s small businesses and our tourism-dependent communities, I urge our delegation in Washington to stop the Credit Card Competition Act. The health of our local economies and the success of small businesses all over the state depend on it.
