A United States Supreme Court ruling could change the kinds of bank credit cards we might be carrying. The Court says Mastercard and Visa have violated federal anti-trust laws by keeping member banks from issuing credit cards from other companies. American Express and Discover already are moving to sign up banks as partners. Missouri Bankers Association President Max Cook says we might see more solicitations for bank credit cards because of the ruling, giving us more variety or alternatives to the bank cards we now have. Cook doubts we’ll see lower interest rates on bank cards, at least in the short run. He also doubts more community banks will get into the business because of the decision. Cook says most of them don’t have the resources to support starting a credit card partnership.
