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Congress Is Trying To Pass a Bill That Will End Credit Card Rewards Programs
December 29, 2022 at
08:04 PM
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Finance
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Last Edited by quest32 December 29, 2022 at 08:08 PM
Read this article, about a misinformed bill that will disproportionately help big-box, high volume retailers and screw consumers... https://finance.yahoo.c
"This month, congress will vote on a bill to eliminate almost all the funding for popular credit card reward programs like cash back and travel points. This Legislation would allow retailers to process credit card transactions without getting charged a processing fee. Putting millions of dollars into big-box retailer pockets. Senator Dick Durbin (D-IL) and Senator Roger Marshall (R-KS) introduced the bill to the Senate, and Peter Welch (D-VT) and Lance Gooden (R-TX) submitted it to the House and are planning on getting passed and signed by the end of this year.
Five Ways the Marshall Durbin Interchange Bill Will Impact You
1. The bill reduces the credit availability that consumers currently have.
2. The bill will negatively impact the amount of money credit card companies have to protect their customers from fraud. Making the bill a significant threat to data security and privacy of consumer data.
3. Passing the bill is supposed to help small businesses, but the real winners are the mega retailers. Mega retailers who do millions of daily transactions are the ones who genuinely benefit and make money from the bill.
4. There is no evidence that retailers will pass savings to customers. If the bill passes, retailers will make more money on each transaction with no added benefits given to the consumer.
5. The passage of the bill will threaten the rewards programs many Americans depend upon to make ends meet.
If you like your current credit rewards program, Jason said to call your congressman and U.S. senators to say, "Do not make any changes. Hands off my rewards." "If they don't hear from you, they hear from the retailers' lobbyists. Every member of Congress has a Twitter account; ask them to oppose the Marshall Durbin Interchange Bill. On all social platforms, you can share #HandsOffMyRewards to let all your followers, friends and family know what will happen to their credit card rewards program.""
https://finance.yahoo.c
"This month, congress will vote on a bill to eliminate almost all the funding for popular credit card reward programs like cash back and travel points. This Legislation would allow retailers to process credit card transactions without getting charged a processing fee. Putting millions of dollars into big-box retailer pockets. Senator Dick Durbin (D-IL) and Senator Roger Marshall (R-KS) introduced the bill to the Senate, and Peter Welch (D-VT) and Lance Gooden (R-TX) submitted it to the House and are planning on getting passed and signed by the end of this year.
Five Ways the Marshall Durbin Interchange Bill Will Impact You
1. The bill reduces the credit availability that consumers currently have.
2. The bill will negatively impact the amount of money credit card companies have to protect their customers from fraud. Making the bill a significant threat to data security and privacy of consumer data.
3. Passing the bill is supposed to help small businesses, but the real winners are the mega retailers. Mega retailers who do millions of daily transactions are the ones who genuinely benefit and make money from the bill.
4. There is no evidence that retailers will pass savings to customers. If the bill passes, retailers will make more money on each transaction with no added benefits given to the consumer.
5. The passage of the bill will threaten the rewards programs many Americans depend upon to make ends meet.
If you like your current credit rewards program, Jason said to call your congressman and U.S. senators to say, "Do not make any changes. Hands off my rewards." "If they don't hear from you, they hear from the retailers' lobbyists. Every member of Congress has a Twitter account; ask them to oppose the Marshall Durbin Interchange Bill. On all social platforms, you can share #HandsOffMyRewards to let all your followers, friends and family know what will happen to their credit card rewards program.""
https://finance.yahoo.c
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