The Taxpayers Protection Alliance announced on X that new polling indicates Americans are concerned the Credit Card Competition Act could threaten the benefits, security, and trust millions rely on daily.
According to the Taxpayers Protection Alliance, a national GrayHouse survey found that 77% of Americans trust credit card companies to protect against fraud, and 75% trust them to keep their personal data secure. The survey underscores that the majority of Americans have a high level of confidence in the existing credit card payment system and its safeguards. These findings suggest that changes introduced by the Credit Card Competition Act could disrupt a system that consumers widely perceive as safe and dependable.
The same poll reported by the organization shows that 79% of credit cardholders participate in rewards programs, 58% use them regularly, and 48% earn more than $500 per year through rewards. This demonstrates that rewards programs are not just popular but also economically important to a significant portion of American households. The data indicates that any legislation threatening these rewards could negatively impact millions of consumers financially.
After being presented with information on both sides of the Credit Card Competition Act, 60% of voters said they opposed the bill and 47% indicated they would be less likely to support a member of Congress who voted for it, according to the poll. The poll also revealed that 83% of respondents worry about losing credit card rewards, while 75% fear an increase in fraud if untested payment networks are mandated. These results highlight widespread public skepticism and apprehension about the potential effects of the proposed legislation.
The Taxpayers Protection Alliance is a nonprofit advocacy organization based in Washington, D.C., focused on defending taxpayers from government overreach and promoting fiscal responsibility, according to its official website. The organization regularly commissions polls, conducts research, and advocates for consumer protections and efficient government policies. TPA aims to inform public policy debates and influence lawmakers through data-driven advocacy and public outreach.