Originally Posted by
mikesyr18
Dodd-Frank doesn't effect credit cards. The rewards that used to come with debit cards were eliminated once the Durbin Amendment was approved as part of the Dodd-Frank Act.
While Dodd-Frank repeal passed the GOP heavy House, don't expect it to pass the Senate; thus, we won't be seeing debit card rewards return. It's also already been stated that Durbin will remain, unfortunately. Merchants don't need to save money on interchange fees, there isn't an advantage to it.
Durbin remaining is a good thing for us. Durbin is what required giftcards to have PIN numbers. That is the primary method of MS now-a-days. So keeping Durbin is an all-around win for MS.
While I don't have much political opinion on the interchange fees that Durbin relates to, I do want to point out that Durbin is immensely helpful to MS as a whole.
https://www.federalreserve.gov/payme...regii-faqs.htm (Q3)
https://www.firstdata.com/downloads/...wp-updated.pdf
Dodd-Frank Act - Section 1075, Durbin Amendment - Section 920 - "REASONABLE FEES AND RULES FOR PAYMENT CARD TRANSACTIONS" - Section (b) "LIMITATION ON PAYMENT CARD NETWORK RESTRICTIONS"