Texas Border Business
U. S. Chamber of Commerce
The Consumer Financial Protection Bureau recently proposed a rule that would mean higher costs and fewer benefits for existing credit card users who pay their bills on time and fewer options for those looking for a new credit card.
Why it matters:Â 75% of credit card users pay their bills on time. These consumers have come to rely on low costs from their financial service providers and more choices in their banking.
Be smart: If this rule goes into effect consumers – including small business owners – will have fewer credit card options and benefits‌
· The rule will likely cause a reduction in popular perks such as cashback rewards, discounts on groceries and gas, and travel perks with airline and hotel partners.
Bottom line: If the Consumer Financial Protection Bureau wants to protect consumers, it shouldn’t disincentivize on-time payments.
