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Is Congress Going to Kill Credit Card Rewards? (www.nerdwallet.com)

submitted 1 year ago by [email protected] to c/[email protected]

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Legislation known as the Credit Card Competition Act, first introduced in Congress in 2022, is described by its sponsors as encouraging “competition in electronic credit transactions.” But if lawmakers end up passing the measure, opponents say it could also torpedo the rich rewards and perks that cardholders have enjoyed for years.

“Will consumers lose? Probably,” wrote Brian Riley, director of the credit advisory service at Mercator Advisory Group, in an August 2022 post to the Mercator blog. “Their reward programs will dry up, just as they did with debit cards.”

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[–] [email protected] 0 points 1 year ago* (last edited 1 year ago) (1 children)

Dude whose job it is to rip off consumers says "consumers will lose".

I'm sold. Pass that law. If the CC company bozos are against it, it's probably a good thing.

This reads as "if our prices have to be competitive, we're cancelling our bullshit programs where you could game back some of the money we took from you."

Yeah. We know you won't be able to afford that, because we will still have all of that money. That's the point.

Edit: "Let them eat cake."

[–] [email protected] 0 points 1 year ago (1 children)

I'll even pay extra if they stop selling my info.

[–] [email protected] 0 points 1 year ago (1 children)

Why pay extra when you could legislate

[–] [email protected] 0 points 1 year ago

legislation is paying extra.