Bey’s Viewpoint: Credit card competition act: Bane, not boon, for the working class

According to a study from the International Center for Law & Economics, 86% of credit holders have and actively use a rewards card. Crucially, this includes 77% of cardholders with a household income of less than $50,000. Lower and moderate-income (LMI) communities rely on these services for everything from weekly grocery bills to having a safety net in economically turbulent times. Yet, the mandates in the CCCA are so costly they are projected to cause more than $75 billion in rewards to largely disappear altogether.