Proposed Credit Card Legislation Impacting Working-Class Americans

SOURCE www.breitbart.com
Senators Durbin and Marshall are proposing credit card legislation that would restrict card issuers' ability to fund rewards programs, disproportionately affecting working-class Americans who rely on these rewards to offset extra expenses during vulnerable financial periods.

Key Points

  • Nearly 70% of working-class American cardholders utilize rewards cards
  • Working-class families redeem more than one-fifth of rewards through travel, subsidizing vacation costs
  • Rewards accumulated by working-class families offer genuine savings, such as a 17-cent per gallon discount at the gas pump annually

Pros

  • Working-class Americans rely on credit card rewards to afford essentials and activities they otherwise couldn't
  • Rewards programs provide genuine savings for working-class households, especially during vulnerable financial periods

Cons

  • Proposed legislation may lead to higher costs for working-class families
  • Millions of Americans could lose access to credit cards entirely