The fees are partially used by the companies to run loyalty programs that award points to cardholders that can be redeemed for things like flights and hotels.
The act proposes allowing retailers to choose a cheaper system that would reduce the fees.
“This has been one of the biggest lobbying battles of all time, pitting two huge industries, retail versus banking,” said Brian Kelly, the founder of the Points Guy, a travel site that helps users maximize reward points and opposes the act.
Does the legislation threaten your points?
Not immediately, said Leigh Rowan of Savanti Travel, a personal travel management service.
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Organizations:
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