COLORADO SPRINGS — Lines are being drawn as the battle against credit card swipe fees continues in the nation’s capital. A 2023 bill could alter the landscape of transactions and in turn affect rewards programs.
Giant retailers like Target and Walmart, the National Restaurant Association, and some small businesses support the legislation; but others, like travel groups and airlines, have come out against.
In Colorado, a tourism group is now warning that if passed, the credit card industry will lose rewards programs like airline points, cash back, and hotel points, causing tourism in the state to drop off.
The U.S. tourism Economy Alliance recently released a survey that shows more than 70% of Americans with rewards credit cards would reduce travel spending if their rewards were eliminated. It’s a dire—and somewhat buzzworthy—warning for one of Colorado’s most powerful economic industries.
WHAT IS THE CREDIT CARD COMPETITION ACT?
Democratic Senator Dick Durbin of Illinois…
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