This Week in Credit Cards: OCC Targets Interchange Act

Many payments experts predicted that the Interchange Fee Prohibition Act in Illinois — which aims to disallow swipe fees on the tax and gratuity portions of a bill paid with either a credit or debit card — wouldn’t go into effect unless it could first survive attempts to block it. 

And new developments are proving that those experts were correct. The Office of the Comptroller of the Currency (OCC) has sent a draft rule to the Office of Management and Budget that could prevent the act from moving forward. 

This Week in Credit Cards, the OCC gets involved on interchange, the rise of coolcations, and co-branded card news from Bank of America and Citi. Catch up here 👇 https://t.co/oX9wUNgTC4 pic.twitter.com/Khvugu3tTK

— CardRates Industry News (@CardRatesNews) April 24, 2026

An American Banker article on the update indicated that the Office of Management and Budget may conduct an expedited review of the OCC draft rule. That would allow for parties to have a clear picture of where the Illinois act stands well before summer. July 1 is when the act takes effect if efforts to stop it aren’t successful.

A report from CUToday earlier this week notes that the National Credit Union Administration may also soon move to challenge the act. Groups that oppose the legislation have not only brought attention to how expensive complying with it would be, but also the technical hurdles that may prevent companies from doing so. 

Many U.S. cardholders are considering where they want to go on vacation this summer. An issue that can confound a traveler is how to take the vacation of their dreams without breaking their budget. Chase Travel has highlighted ways that consumers can do both.

One strategy cardholders can take is to visit a destination that has a milder climate. Data from Chase Travel shows that travelers are choosing to head to spots such as Helsinki, Finland and Quebec City in Canada, which may have fewer visitors than places with warmer locales.

Rena Shah, Head of Lodging and Experiences for Chase Travel, told us that a destination such as Quebec City can give people an experience similar to what they’d find in a European city. But U.S. travelers can get to Quebec City for a fraction of what a trip to a vacation hot spot in France or Italy would cost.

Cardholders who can’t let the summer go by without setting foot on a different continent can use their credit card points to make international tickets more budget friendly.

Shah told us that Chase Travel offers a program that lets cardholders boost the points they’ve collected, so they don’t have to decide between having a luxurious vacation and staying within budget.

Bank of America announced this week that it is extending its agreement with Alaska Air Group to offer co-branded credit cards. The union between the two companies represents Bank of America’s biggest co-brand partnership, the bank said in a press release.

The 30-year-old partnership between the brands means cardholders can expect more benefits to come their way. The extension will allow for more investment in Alaska’s loyalty program and will result in not only new credit cards entering the market but also refreshes of current cards.

Cardholders who frequent airport lounges will be pleased to learn that the agreement renewal will lead to greater investment in Alaska lounge programs.

Summit Visa Infinite cardholders will continue to enjoy benefits, including day passes to Alaska lounges and protections against travel delays. And Ascent Visa Signature cardholders will keep rewards that allow them to expedite their path to elite status and a free check bag for themselves and their travel companions.

The Bank of America and Alaska Air Group partnership isn’t the only one bringing more value to cardholders. Citi and AT&T revealed on Monday that they are enhancing benefits on the AT&T Points Plus Card.

With the cost of certain essentials increasing in 2026, U.S. consumers are struggling to find ways to stretch their household budgets. And bills for wireless and internet service can be a challenge for people to keep up with. 

AT&T Points Plus cardholders can access new ways to save on those expenses. The card now gives consumers monthly discounts on eligible internet bills and on wireless charges from the telecommunications company when they enroll in AT&T’s automatic payment program and opt for paperless billing 

In addition, cardholders who are traveling to international locales can now avoid foreign transaction charges with the card. AT&T will continue to offer cardholders other perks with the solution, including statement credits when they meet spending thresholds and boosted points on gas station and grocery store purchases.

American Express has made another move to bring AI-driven capabilities to its cardholders. The payments company recently announced its purchase of Hypercard, a firm that uses artificial intelligence to provide businesses with expense management solutions.

Business owners can have an overwhelming number of items on their to-do lists on any given day. American Express recognizes this problem, and the company’s purchase of Hypercard may ultimately free up time for owners to spend on initiatives that can help grow their business.

Hypercard began in 2022, but it has already drawn investment interest from the likes of Sam Altman, CEO of OpenAI. Hypercard will assist American Express in developing AI-powered tools that can help businesses automate their operations, according to a press release on the deal.

American Express’s purchase of Hypercard doesn’t mark the first deal between the two companies. They previously joined forces in 2024 to bring a credit card to market. American Express expects the acquisition to close during the second quarter of this year.

We’ll be back next week with a new edition of This Week in Credit Cards. If you’re looking for more updates in the meantime, be sure to cruise over to our social media accounts on Bluesky, LinkedIn, and X, where you’ll find interviews with industry insiders and additional reporting on the biggest stories impacting the credit card world. 

Be sure to check back in with us often for coverage of the latest news and trends in the credit card industry.