Nate Buchanan warns that the Credit Card Competition Act could threaten credit card miles and points. He's asking viewers to contact their senators through ProtectYourPoints.com to oppose the bill.
If you use miles and points that you earn from credit cards like these, this might be the most important video that you watch all year. Sorry, that was a bit aggressive, but I needed to get your attention because it's true. For years now, Harry and I have been using this stack of credit cards to earn miles and points that we've been able to redeem for almost free flights and amazing seats like these and free hotel stays at all inclusive resorts like this. But this amazing opportunity could be going away if we don't collectively act together. Because right now there is this little thing called the Credit Card Competition Act. It's a bill that's currently trying to be passed by a group of senators and if it does pass, it could kill credit card miles and points as we know it today. So if you've heard enough and you don't want to lose your miles and points, just go to protectyourpoints.com and send your Senator a message telling them that you're against this bill. If you've never heard of the Credit Card Competition act, it's all about swipe fees. So when you go to a store and swipe your credit card, the big banks are going to charge the retailers a 3% fee. And, and of course the big banks make money from that transaction, but they also share some of that with us in the form of miles and points. And the Credit Card Competition act is all about introducing competitions to big banks like Visa and MasterCard in hopes of lowering that transaction fee. And the retailers have said if that happens, they're going to share those savings with us. But the truth is there are big retailers backing this bill like Amazon and Walmart. And I think it's more likely that instead of passing the savings on to us, they, they just use it to pad their bottom line. The truth is I don't trust the big retailers. They're making a bunch of money. I don't trust the big banks. They're making a bunch of money. But I think we have a pretty good thing going with the banks right now and I would love to keep my miles and points. So if you feel the same way, the easiest way to tell your Senator that you're against this bill is to go to protectyourpoints.com there you're going to find a pre written email and in a couple clicks you'll be able to send your Senator a message telling him or her that, that you're against this bill. The problem is everybody watching this video right now that wants to keep their miles and points is going to think that somebody else is going to do this. But we all need to do this. Send your senator a message by going to protectyourpoints.com. and if for no other reason, do it for Kara and I so we can keep our miles and points.
