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I'm not one to wear a tin-foil hat, but the timing of this piece is interesting. the Credit Card Competition Act (CCCA) may be lumped into the upcoming spending
by finfrastrcuture 3y ago
I'm not one to wear a tin-foil hat, but the timing of this piece is interesting. the Credit Card Competition Act (CCCA) may be lumped into the upcoming spending vote [1]. basically, this would end card rewards under the premise that merchants would pass along interchange savings to consumers. the same argument was made for debit, yet of course the savings never materialized.
1. https://subscriber.politicopro.com/article/2023/09/senator-threatens-to-hold-up-appropriations-package-to-get-vote-on-credit-card-fee-crackdown-bill-00116031 https://subscriber.politicopro.com/article/2023/09/senator-t...
- joshstrange 3y ago> basically, this would end card rewards under the premise that merchants would pass along interchange savings to consumers. I mean, I wouldn't expect merchants would lower prices by <2% but maybe they waited longer to raise prices later? I mean debit cards are cheaper than credit cards but not by much the last time I looked (like ~1% cheaper, around 2% vs closer to 3% for CCs).