The Points Guy on CNBC: New Credit Card Law Would Dramatically Change Rewards Points System

[@night2102]

This is ridiculous. There wouldn't be any point in having a credit card if this law passes.

[@timhandjr]

That is a good thing. No credit card. No debt.

[@TheCriticalChris]

You would still get federal chargeback protection. You would still be shielded from liability in the event of fraud. And of course credit card banks provide other benefits besides cash back, points, and miles such as rental car insurance, purchase protection, and identity theft protection, to name just a few.

[@TheCriticalChris]

6:10 - he is leveraging a demagogic big lie by implying that consumers will lose shielding from fraud liability if the Credit Card Competition Act passes. Shifting liability for fraud onto consumers is NOT in the bill. Why didn’t the presenter push back on his appeal to fear?

[@Test67457]

Credit card should be banned.