This Week In Credit Card News: Why Your Credit Card Rewards Could Be Cut; Credit Standards Tightening

Here’s Why Your Credit Card Perks Could Be Going Away

Simply put, the Credit Card Competition Act of 2023 would kill the funding for credit card rewards programs and allow retailers to pocket the savings from lower interchange fees, also known as swipe fees. With lower fees collected, consumers would lose out on rewards, purchase protection and fraud protection while retailers add to their bottom line. The retail lobbyists are trying to convince consumers that this would lead to lower prices; however, we know that retailers won’t pass along those savings, because we know the impact of the Durbin Amendment, and it was a huge loss for consumers. [The Points Guy]