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 points.

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 Senate.”

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 rewards alive!”

MBA encourages banks to share and retweet its posts on Facebook, Twitter, LinkedIn and Instagram.