The Credit Card Competition Act targets a system of inflated fees that swell the profits of the country’s biggest banks. If passed, it would lead to lower prices and diminished inflation.
The credit-card industry wants its customers to know about a threat to “our favorite cash back and travel rewards programs.” They could disappear forever,, if Congress approves a piece of legislation called the Credit Card Competition Act. It remains to be seen if that prospect will inspire masses of cardholders to reach out to their senators and representatives with the message—“Hands off my rewards!”—that industry lobbyists have crafted for the occasion.
To confuse matters further, the industry collects these fees from merchants, who swallow part of the expense and pass the rest along to their customers—all their customers, including the ones who don’t use credit cards.
Their optimism stems partly from the identity of the bill’s principal sponsor in the Senate, Dick Durbin, Democrat of Illinois. Durbin, who holds the post of Majority Whip, engineered the enactment of a measure that slashed debit-card fees a decade ago. Working this time with a Republican co-sponsor, Senator Roger Marshall, of Kansas, Durbin tried to get his proposal attached to a defense-funding bill in October.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
This new gaming console is hackable and smaller than a credit card | CNN BusinessAfter making a credit card-sized game console that went viral in 2014, creator Kevin Bates is going even smaller with the Arduboy Mini. Though his latest creation offers 300 playable games, Bates hopes this tiny system also helps people learn to code.
Read more »
AMC Theatres Launches Branded Credit CardAMC Theaters, the country’s biggest movie theater chain, is launching a credit card. The AMC Entertainment Visa Card, coming in early 2023, will offer its holders the opportunity to earn addi…
Read more »
AMC Theatres Hopes Its Next Gold Mine Is a Credit CardThe exhibitor will launch a credit card in early 2023 in its latest attempt to diversify revenue and reach out to retail investors.
Read more »
Credit card, personal loan delinquencies expected to surge in 2023: TransUnionTransUnion says its latest forecast indicates delinquency rates for credit cards and personal loans could surge next year to highs not seen in more than a decade.
Read more »
Congress should address the credit card charity swindleLast year, Americans donated more than $480 billion to charity — generosity that typically picks up between Thanksgiving and New Year’s.
Read more »
What to Do About That Credit-Card DebtMyTwoCents: Read CharlotteCowles's guide to getting out from under your credit card debt, just in time for the credit card's favorite season
Read more »