Dick Durbin, Roger Marshall Looking to Take Away Your Credit Card Rewards
Richard Hunt, the Executive President of the Electronic Payments Coalition (EPC), said at a Breitbart information policy last week. Dick Durbin (-’) and Roger Marshall (R-KY) are trying to withdraw your credit card awards with their credit card legislation.
Hunt explained that the EPC represents a diversified group of organizations, including credit cooperatives, community banks, large banks and unions. He warned that two senators, Durbin and Marshall, move to withdraw the credit card awards, that many Americans use for cashback or even to pay for vacation.
Marshall and Durbin have been pushing the law on credit card competition (CCCA) for years. Hunt nicknamed the “Credit Card Cancellation Act”, noting that large retailers such as Walmart, Target and Home Depot supported the invoice.
Bill defenders believe that they can inject more competition on paying payments by forcing banks to work with at least another payment network in addition to visa and mastercard, dominant players in the industry.
As part of the current system, if a merchant accepts credit cards, it is “locked” on the payment network that the credit card runs, generally visa or mastercard, and must therefore pay the costs that the payment network invoices for transactions.
Durbin and Marshall believe that by adopting the invoice, greater competition between payment networks would lower merchants’ credit card costs and retailers would pass these savings to consumers. Critics of the bill argue that he, in addition to compromising the security of payments processing, would probably kill the credit cards award programs, as was the previous Dodd-Frank legislation eliminated debit card rewards.
Hunt told Breitbart New Economics to repeat John Carney that the Americans received rewards on debit cards and used to obtain free checks. However, this ended when Durbin managed to include the modification of Durbin included in the financial bill of the financial crisis after 2008 known as Dodd-Frank.
Durbin and other defenders of the Credit Card Competition Act praised that the bill would allegedly adopt savings to consumers; However, the Federal Reserve Bank of Richmond noted that the retailers had not achieved savings after the promulgation of the Durbin amendment.
Hunt concluded: “Monitor your wallet, give my rewards, do not let the congress and politicians remove your access to credit, access to reward points, your security and your payment system safety are in danger and they do everything, I assure you, to remove your credit card while it works today.”
Sean Moran is a Breitbart News political journalist. Follow him on x @ Seanmoran3
