Proposed Credit Card Legislation Faces Backlash from Advocates for Working-Class Families and Small Businesses

A new credit card legislation proposed by Senators Durbin and Marshall is drawing criticism for potentially harming American families while benefiting large corporations. The Electronic Payments Coalition recently reported that nearly 70 percent of working-class cardholders rely on rewards programs to alleviate financial burdens, especially during challenging economic times. The study indicates that the rewards redeemed by these families provide significant savings, translating to approximately a 17-cent discount per gallon of gas annually. Critics argue that the proposed bill would not only eliminate these essential rewards but also adversely affect small businesses. A University of Miami report highlights that the legislation could result in nearly $3 billion in benefits for the nation’s top 100 retailers, with a substantial portion going to industry giants like Walmart and Amazon. This shift would exacerbate the competitive disadvantages faced by small businesses, which are already struggling to keep pace with larger retailers. Moreover, small business owners themselves stand to lose out on approximately $12 billion in credit card rewards, further undermining their financial stability. The legislation appears to favor corporate interests at the expense of the economic backbone of the country—small businesses and working-class families. In light of these findings, advocates are urging Senators Durbin and Marshall to reconsider their stance. They emphasize that if the lawmakers genuinely prioritize the welfare of hardworking Americans and small enterprises, they should abandon the proposed credit card bill.