this post was submitted on 27 Aug 2023
54 points (93.5% liked)

Personal Finance

3819 readers
1 users here now

Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!

Note: This community is not region centric, so if you are posting anything specific to a certain region, kindly specify that in the title (something like [USA], [EU], [AUS] etc.)

founded 1 year ago
MODERATORS
WandererLagomorph799@lemmy.ml
nieceandtows@programming.dev
nieceandtows@lemmy.ml
54
Is Congress Going to Kill Credit Card Rewards? (www.nerdwallet.com)
submitted 1 year ago by deconstruct@lemm.ee to c/personalfinance@lemmy.ml
20 comments fedilink hide all child comments
 

Legislation known as the Credit Card Competition Act, first introduced in Congress in 2022, is described by its sponsors as encouraging “competition in electronic credit transactions.” But if lawmakers end up passing the measure, opponents say it could also torpedo the rich rewards and perks that cardholders have enjoyed for years.

“Will consumers lose? Probably,” wrote Brian Riley, director of the credit advisory service at Mercator Advisory Group, in an August 2022 post to the Mercator blog. “Their reward programs will dry up, just as they did with debit cards.”

you are viewing a single comment's thread
view the rest of the comments
[–] OldFartPhil@lemm.ee 10 points 1 year ago (5 children)

This really has very little to do with consumers and everything to do with a tug of war between processors, banks and businesses. I'm skeptical that any potential savings to businesses is going to be passed on to consumers.

From a personal perspective, I'll miss rewards cards if they go away. I make all my purchases with plastic and pay off the balances in full every month. In 2022, I received $711 in cash back.

[–] socsa@lemmy.ml 2 points 1 year ago (1 children)

The biggest concern for me is eg, that "zero foreign transaction fees" is considered a perk. I can live without cash back probably, but losing the forex perks would be a nightmare, and would cost me easily a thousand dollars per year.

[–] Anticorp@lemmy.ml 1 points 1 year ago

and would cost me easily a thousand dollars per year

That's probably the goal.

load more comments (3 replies)