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...
This really has very little to do with consumers and everything to do with a tug of war between processors, banks and businesses. I’m skeptical that any potential savings to businesses is going to be passed on to consumers.
From a personal perspective, I’ll miss rewards cards if they go away. I make all my purchases with plastic and pay off the balances in full every month. In 2022, I received $711 in cash back.
Is Congress Going to Kill Credit Card Rewards? ( www.nerdwallet.com )
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...