Nate Buchanan warns that the Credit Card Competition Act could kill rewards programs by cutting the interchange fees that fund them. Major retailers backing the bill would keep the savings, not lower prices. He's asking people to email their senators to stop it.
This is how many credit cards that I carry with me when traveling to make sure that I'm maximizing my miles and points. But these miles and points could be going away if we don't take action. So if you earn miles and points through travel credit cards, then listen up because we need your help. There are a group of senators who are trying to pass a bill called the Credit Card Competition act which will most likely kill credit card rewards. This act would reduce interchange fees, which is the 3% fee that banks charged retailers which you use your credit card at a store. They claim that reducing interchange fees would reduce the price for customers. But the reality is this bill is being backed by big retailers like Amazon, Walmart and Target. And the money they save on these interchange fees will go towards padding their bottom line. And if the interchange fees are reduced, you most likely won't be able to earn rewards from your credit cards anymore and you're going to lose out on important perks like purchase protection. We need everyone's help to tell their senator that they are against this bill. And thankfully the points guy has made it super easy. Just go to protectyourpoints.com and they have a pre written email you can easily send to your senator.
