I’m writing to share my concerns about the proposed Credit Card Competition Act and how it could impact consumers.
While it’s good to want more competition in business, I’m worried that this bill might end up hurting consumers.
Rewards programs are a big deal for many consumers. They help us enjoy things like comfortable travel, cash back on purchases, and protection when we buy things. But if the Credit Card Competition Act becomes law, credit card companies might cut back or even get rid of these programs.
We saw something similar happen before with debit card rules in 2011. That led to a bunch of rewards programs getting axed.
The Durbin Amendment was supposed to lower fees for businesses, but it ended up making things worse for consumers. It made banking more expensive, and a lot of us lost free checking accounts. This really hurt low-income folks, and all that money got shifted to big retailers.
If the Credit Card Competition Act goes down the same path, regular people could end up with higher interest rates, fees, and stricter rules for getting credit.
It’s important to think about what this could mean for consumers. Instead of helping regular people, it looks like this bill is more about helping big retailers.
I’m urging Senators Kennedy and Cassidy to take another look at the Credit Card Competition Act and find a better way to balance things. We need to protect the interests of everyone involved, including consumers!