Your Points and Miles Are at Stake

Here's why your credit card perks could be going away December 5, 2023 [THE POINTS GUY]( [View in browser]( Take action now — protect your points [TPG | Hero Image] Join TPG and take action If you are using points and miles to travel home for the holidays, this might be the last holiday season when that’s possible because of proposed legislation in Congress. The Credit Card Competition Act is being billed as consumer-friendly but instead could destroy rewards programs as we know them. We’ve seen this happen before with the [impact of the Durbin Amendment on debit cards]( — it was a huge loss for consumers. What does this mean? If big-box retailers are able to choose cheaper, less secure credit card processing networks, it could expose private consumer information to foreign networks and lead to lower fees being collected by banks. These credit card interchange fees (also known as swipe fees) are what banks use to fuel rewards programs, purchase protection and fraud protection. Simply put, this bill would instead allow retailers to pocket the savings from lower interchange fees. Recent research shows that nearly [70% of travelers base their travel decisions around the membership benefits they can access]( through credit card rewards and loyalty programs. Eliminating these credit card rewards and, by extension, hampering loyalty programs will have a cataclysmic effect on the travel experience for millions of Americans and undoubtedly have negative economic implications. What’s the status of the bill? While the proposed legislation was removed from the National Defense Authorization Act spending bill a few months ago, the fight is not over. Sen. Roger Marshall, R-Kan., is still promising a vote on it during this session. Alternatively, he and the bill’s other cosponsors (most notably Sen. Richard Durbin, D-Ill.) may try and attach it to a broader piece of legislation in the near future — similar to how the Durbin Amendment was implemented. What can you do? If you like credit card points and rewards, you should [reach out to your lawmaker and voice your concerns](. Join TPG and protect your points. [Act now]( More from our experts [2 US senators are targeting airlines' frequent flyer and loyalty programs]( Two U.S. senators are looking into "unfair and deceptive practices in airlines' frequent flyer and loyalty programs," per a joint press release. [Read more]( [Explaining the Credit Card Competition Act and what it means for your credit card rewards]( The Credit Card Competition Act: Here's where the proposed legislation stands in Congress. [Read more]( [fb]( [insta]( [yt]( [tw]( [in]( [mail](mailto:hello@thepointsguy.com) You are receiving this email because you opted in at [thepointsguy.com](. Where to find us: The Points Guy 100 5th Ave., 16th Floor New York, NY 10011 USA USA Changed your mind? You can [unsubscribe]( at any time. Advertiser Disclosure: Please view our [advertising policy]( page for more information. THE POINTS GUY © ALL RIGHTS RESERVED 2023