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Reasons are pretty much simple. The stores don’t wanna pay a very high interchange fees
The idea is that giving retailers network choice would spur competition between the networks and result in lower interchange fees for merchants, which could be passed on to consumers in the form of lower prices. The networks could also compete on the basis of increased security for transactions.
Hope the bill falls on its face.
MaxRewards hasn't been working properly for a long while. I'm surprised they're prioritizing sponsoring over fixing major glitches. The app wasn't even usable by the time I deleted it a couple of months ago.
It may reduce the number of people who use the rewards as a justification for buying unnecessary junk and going more into debt.
I have a lot of rewards.
This is another prime example of out of touch lawmakers meaning well but being so clueless they don't realize it'll hurt the exact people they're trying to help. Durban was born in the mid 40s before credit cards were even a thing. The us government needs to stop digging deeper and deeper into the taxpayers pockets.
Of course someone who's name is Dick would introduce this bill 😂
“Rewards programs and cashback options that American families rely on”.. this is the exact mentality credit card companies want people to have. If they returned $60 billion to consumers, I can only imagine the amount of money companies made from interest and fees.
Ah once again politicians putting their dirty hands on things they shouldn't. I wonder how much money Walmart is paying these three clowns.
COME UP FOR AIR!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Dick Durbin needs to retire. I've never voted for him since moving to Illinois in 1999 and never will. This is a terrible bill and will hurt only responsible consumers and the creit card issuers. The retailers would not pass those savings on to customers as their margins are tight as they are.
Lightning network has plenty of capacity for USD txn.
The government has gotten way to big. They are trying to control every aspect of our lives.
I'm for it.
"Consumers" writ large would benefit because everything would no longer be 2-3% overpriced to pay fees. WE just won't benefit anymore because we've learned to exploit the fringes of an inefficient system, but the system was never a good one. Limiting/eliminating the cut removed by a middle man in between 2 business parties is a net positive thing. That said it'll never pass, so not to fret. 😅
Hi Ben. I just got my first Chase card. The saphire prefered. I was reading the material and it says you get a 10% bonus on points every year but i dont remember ever hearing this on a youtube channel. Do you know anything about this?
Thinks about it logically, is too good to be true that you get reward. Who foot the bill? Merchants and consumers.. there’s no such thing as a free lunch
Credit card is a huge problem for Americans. So getting rid of the system that a few benefit, it might actually be better.
Durbin is awful…for this bill and for so many others that he's supported. And anyone who works in real estate finance knows how bad Dodd-Frank is for all of us saddled with those restrictions. I can't imagine that this passes. I can see a situation where it passes the Senate and dies in the House…but I think the more likely outcome is that it doesn't make it out of the Senate committee.
This is ridiculous. All the problems in this country and that’s what they are concerned about
Ben.Thanks for all your videos.Qtn off topic here. If planning a trip like bora bora or Maldives, when should we upgrade those hotel cards like to Hilton aspire to take advantage of those free nights and have them all lined up for the trip? And would you book your hotel stays first before booking the flights or vice versa? In what order should we plan all of this?
What do you think about T-Mobile recently removing the $5 auto-pay discount for people who use credit card payment, but giving the $5 auto-pay discount to people who use debit or checking?
Saying "destroy " maybe a bit of a reach but the is mainly aimed at trying to prevent Visa and Mastercard from ripping off smaller merchants who can't afford all the fees involved in card transactions
WTF?
You vote for the wrong people, everyone gets penalized.
Don't be a Dick…
This bill sucks, hope it not pass. It only will hurt consumer but also hurt economy because poeple will spent less
Why can't they just focus on fixing the economy and inflation!
All they want to do is kill consumers!
First charging more for people with better higher credit scores to buy houses and now killing our cash back and points!
The capitalist state serves capital, period. When it isn't just dumb as a rock. This is such a bad idea I would have thought Jim Jordan or Ron Johnson thought it up.
For the rest of us around the globe who don't get any reward points & minimal 'cash back' by default, it's about time the cards became interoperable.
This actually isn’t bad, let’s small business keep more profits and they can pay their employees more and not have to raise prices as much
This will not help people to stay out of debt. If credit card companies cut rewards and made companies pay for personal finance in highschools. Maybe? Other than that. Let me take my family to Washington DC flights and hotels for free next week.
This would hurt travel industry… I spend quite a bit of money in various locations despite earning free nights!
Having more money doesn’t better safety and security lol that’s bullshit. Look at these giant Corps like google and apple getting breached
It's irritating that congress spends it's energy to make bills that are useless and will cause nothing but problems, when they should be trying to fix the major issues we have in this country already.
First of all I have to say that with all the problems going on in the US right now do the lawmakers really need to put any time and effort into something like this? Who are they really helping and how much of a help is it really gonna provide the consumer? I doubt much if any. On a sidenote they were very few businesses that actually won’t take any form of payment that you choose. The easiest one that comes to mind is Costco no longer taking AMEX and that is a business decision because they wholly used to rely on AMEX in previous years are. A few mom and pops here and there may have a sign that they don’t take AMEX and that’s about it
My biggest concern is loss of fraud protection
It would also affect the stock's price!
Credit cards are banks most lucrative product. They can afford to reduce interchange fee revenue charged to merchants and still offer points/miles. This is what happens in other countries.
Looks like they’re making progress for the CBDC😮
I wonder how much the supermarket lobby paid to get started with this bill😮