Ahead of CFPB/DOT Hearing on Credit Card Rewards, Watchdog Group Reminds Officials: Credit Card Rewards are a Lifeline for Many

For Immediate Release

Contact: Kara Zupkus, (224) 456-0257

WASHINGTON, D.C. – The Taxpayers Protection Alliance (TPA) is reminding government officials of the importance of credit card rewards as a lifeline for consumers struggling to navigate the current volatile economy, ahead of this morning’s joint Consumer Financial Protection Burau (CFPB)/Department of Transportation (DOT) hearing on the matter.

TPA President David Williams offered the following statement:

“A whopping 86 percent of credit cardholders have active rewards cards, including 77 percent of cardholders with a household income of less than $50,000. Government bureaucrats targeting their efforts towards taking away these vital resources are truly misguided. The Credit Card Competition Act will, in practice, award the Federal Reserve complete control over American payment networks, severely limiting consumer choice on credit cards while simultaneously putting private user data at risk.

“With credit card fraud continuing to persist, consumers and companies alike deserve protection – removing interchange fees, the funding mechanism for fraud protection and card security, will achieve exactly the opposite. The government is yet again proposing a solution in search of a problem.”

Read TPA’s other work opposing the CCCA below:

New Study Sheds Light on the Importance of Credit Card Rewards for Low-Income Households

TPA Releases Capitol Hill One-Pager on Credit Card Interchange Fees

Consumer loss looms with the Credit Card Competition Act

Credit Card Policy Fights Reveal Two Visions for the American Economy

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Taxpayers Protection Alliance (TPA) is a rapid response non-profit, non-partisan organization dedicated to educating the public through the research, analysis, and dissemination of information on the government’s effects on the economy.