> I think it's close to impossible to "fix" Visa without government intervention (e.g. limit fees to a fraction of a percent), but I'm still grateful to anyone who tries.

This is what Australia is looking at currently: https://www.abc.net.au/news/2025-07-15/rba-credit-debit-merc...

I'm interested to see if that works out, and curious what it means for international cards with lots of perks. I imagine, for example, it wouldn't change anything right away for a Chase Sapphire card issued in the US, but if more countries followed suit there would eventually be a tipping point and card benefits would be reduced.

I guess the issuers all have complex models that take these things into account. In any case, I think it's a good move.