Legislation known as the Credit Card Competition Act, first introduced in Congress in 2022, is described by its sponsors as encouraging “competition in electronic credit transactions.” But if lawmakers end up passing the measure, opponents say it could also torpedo the rich rewards and perks that cardholders have enjoyed for years.
“Will consumers lose? Probably,” wrote Brian Riley, director of the credit advisory service at Mercator Advisory Group, in an August 2022 post to the Mercator blog. “Their reward programs will dry up, just as they did with debit cards.”
The biggest concern for me is eg, that “zero foreign transaction fees” is considered a perk. I can live without cash back probably, but losing the forex perks would be a nightmare, and would cost me easily a thousand dollars per year.
That’s probably the goal.