MBA: Don’t Let Congress Steal Your Credit Card Rewards!
As millions of Americans shop during the holiday season using their
credit cards that earn reward points, lawmakers in Washington, D.C., are quietly
shopping for additional support to pass legislation that would end credit card reward
U.S. Sens. Dick Durbin, D-Ill., and Roger Marshall, R-Kan.,
are talking to senators to encourage their support for the Credit Card
Competition Act during the lame duck session. This legislation would
dramatically reduce interchange income from credit card transactions while
increasing security and fraud risk. MBA has been staunchly opposed to this bill
since its introduction.
“Much like the first Durbin amendment that made debit card
rewards economically infeasible, this amendment would do the same to credit
card transactions as reductions in interchange income make the programs
unsustainable,” said MBA President Jackson Hataway. “We are continuing to urge
our Sens. Roy Blunt and Josh Hawley to oppose this legislation and to help
prevent its addition to the legislative packages being developed in the
MBA encourages its members and their customers to contact Blunt and Hawley urging them to oppose the Credit Card Competition Act.
Posts made by MBA on social media warn the public to “not let the Grinch steal
your credit card rewards.”
“We need our banks and their customers to help us prevent
the Credit Card Competition Act from becoming law,” Hataway said. “Help us tell
Sens. Blunt and Hawley to keep the holiday season bright by keeping credit card
MBA encourages banks to share and retweet its posts on Facebook, Twitter, LinkedIn and Instagram.