Protect Your Points
Don't let Congress
take off with your credit card rewards
Proposed legislation in the U.S. House and Senate could devastate the future of credit card points including cash back and travel rewards, while putting your financial security at risk.
What’s going on?
Credit card issuers use payment networks like Visa and Mastercard to process charges to your card. Merchants are charged a small fee to process the transaction in return for a secure and guaranteed payment.
The Credit Card Competition Act of 2023 would change that. If it becomes law, that same payment could move to a cheaper, less secure network that sacrifices your security. As a result, banks that issue credit cards would have less ability to fund loyalty programs, secure their networks, and innovate their payment technology.
The percentage of merchants that raised their prices as a result of the Durbin Amendment. Read the study
The est. annual amount that would move from low income households & small businesses to large retailers & their shareholders. Read the article
The avg. increase in monthly checking account fees as a result of the Durbin Amendment. Read the study
How it could
impact you
Higher fees + fewer credit card rewards for consumers
A portion of credit card transaction fees goes toward funding reward programs and card perks. If this legislation passes, credit card issuers would likely cut back on benefits they offer to cardholders.
Increased risk for identity theft + security issues
This legislation not only has the potential to impact your points and perks — it could impact your security when shopping. Existing payment networks invest millions of dollars in customer security, so allowing retailers to select newer, cheaper and unproven providers could put your personal information at risk.
