Senator Dick Durbin’s latest idea could put an end to your credit card rewards

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In Joe Biden’s America, your money has become less valuable than ever before. 

Every penny counts, and Americans everywhere are trying to find ways to save everywhere they can. 

Now this bill introduced by Senator Durbin could make things worse by putting an end to your credit card rewards. 

Washington elites want to snatch away your credit rewards with this bill

Many economic experts will tell you that you should use a credit card whenever possible, provided you pay off your full balance at the end of the month. 

The primary reason why they recommend using credit cards is that credit cards are safer, and even the most basic credit cards offer at least 1% cashback. 

However, some credit cards offer far more extravagant rewards, including airline miles, airport lounge access, rental car insurance, and cashback as high as 5% on certain purchases, if not higher. 

The credit card market has become highly competitive.  Just turn on your television set, and without fail, a credit card commercial will appear sooner rather than later. 

Many Americans rely on their credit rewards for vacations, everyday purchases, and business expenses. 

But this could soon come to an end if Senator Dick Durbin’s (D-IL) Credit Card Competition Act (S-1838) becomes law. 

The Credit Card Competition Act, in essence, would require most major banks to work with a network outside of Visa and Mastercard, which many fear could cost banks millions. 

Some fear that these added costs could result in major cuts to credit card rewards programs. 

Among the critics of this bill is Brian Kelly, the founder of The Points Guy, a website that analyzes credit card rewards programs, which provides potential customers with valuable insight about credit cards before signing up.  

Per Kelly, “Look at how Americans are struggling, wages have not kept up for many people. Rewards are how you keep it together, whether to get gift cards for family events, or to use for travel. But, to take away a part of Americans’ bottom line, many families have baked in these rewards as part of how they get by.”

As Brian Kelly points out, this bill comes at a very bad time for many American consumers. 

Bidenflation has devastated American consumers, who now have to pay more for less due to Joe Biden’s reckless spending and funding of foreign wars. 

Lawmakers have their crosshairs on the wrong target when it comes to the Credit Card Competition Act

Perks such as credit card rewards are a direct result of America’s free market economy, which allows companies to reward their customers however they see fit. 

The Credit Card Competition Act injects more government control into a sector of the market that already suffers from massive amounts of red tape. 

The last thing Americans need right now is a bill that would affect their bottom line, stripping them of the credit card rewards they have become so accustomed to. 

Informed American will keep you up-to-date on any developments to this ongoing story.