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

submitted 1 year ago by deconstruct@lemm.ee to c/personalfinance@lemmy.ml

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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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[–] funchords@lemmy.sdf.org 3 points 1 year ago

This really has very little to do with consumers and everything to do with a tug of war between processors, banks and businesses.

Sounds right. It's not like there is some lobby of consumers out there writing legislation like this. And the last ones to ever write legislation are legislators.