Dick Durbin is coming for your credit card rewards.This is the same Democrat who paid back lobbyists 12 years ago by putting price controls on debit/credit card transactions and effectively ending free checking accounts. Now, he’s trying to take away even more from the banks and turn it over to the Best Buys and Walmarts of the retail landscape. Suppose Durbin’s legislation makes it to Biden’s desk and gets signed. In that case, American consumers will suffer a greater chance of their credit card transaction falling victim to theft from fly-by-night processing firms, AND you’ll have to kiss your favorite rewards program goodbye. Why you ask? Because Durbin’s bill would allow big-box retailers to redirect the credit or debit card transactions through less secure systems of THEIR choosing. This would circumvent the highly secured and monitored networks used by the institution that issued the Visa or Mastercard, which would also avoid their rewards programs. You thought you had a lot of identity theft and subsequent fraudulent charges before? Wait till this bill passes. If you haven’t figured it out, this post is today’s installment on why to hate Democrats.
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