ICLE on Rewards Cards
Americans for Tax Reform – ICLE research on payment cards’ “rewards” programs was cited by Americans for Tax Reform in a recent “key vote” announcement regarding the Credit Card Competition Act. You can read full piece here.
The mandates in the bill are so costly that more than $75 billion in rewards that consumers receive every year would largely disappear. According to the International Center for Law & Economics, “86% of credit cardholders have active rewards cards, including 77% of cardholders with a household income of less than $50,000.” The disappearance of rewards would likely harm minority communities and small businesses.