Legislation That Cuts Your Credit Card Miles And Points Inches Closer [Forbes]
Southwest Airlines Company (LUV)
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Source: Forbes
Are your credit card miles and points at risk? They could be if the ongoing battle for credit card legislation, initiated by the Durbin-Marshall amendment (Senators Roger Marshall and Dick Durbin), passes in Congress. Bipartisan negotiations continue, but a final vote is inching closer. The amendment, part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, would reduce the cost charged to merchants that accept credit cards. It says that businesses pay more than $100 million in swipe fees annually. But, opponents to the change say it would wipe out the miles, points and perks that consumers enjoy from their credit cards. This week, airlines, travel unions and aircraft manufacturers have stepped up their campaigning against these proposed changes, according to a Business Insider article . They say that weakening loyalty programs (and their associated perks) could have a detrimental effect to the aviation and travel industry as a whole. It could affect travel demand,
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