Why Threatening Credit Card Reward Programs Could Backfire on Consumers—and Debt Relief Options You Should Know

New survey data reveals Americans strongly oppose policies that could eliminate credit card rewards—here’s why it matters, and how it ties to your financial future

Credit card rewards programs have long been a popular feature for millions of Americans. Cashback, airline miles, and discounts are more than just perks—they’ve become a regular part of managing expenses, earning bonuses, and offsetting everyday costs.

But new developments in Washington are putting these programs under threat, and consumers aren’t happy about it.

A recent national survey by Morning Consult on behalf of the American Bankers Association (ABA) shows that a vast majority of Americans oppose government actions that could weaken or eliminate these credit card rewards.

According to the data, 91% of consumers say they value their rewards programs, and nearly two-thirds (63%) said they would be disappointed to lose them due to regulatory changes.

Why does this matter, especially for those who are trying to get a better handle on their finances or seeking debt relief? The answer is simple: many consumers rely on rewards programs to stretch their budgets and help pay down existing debts.

Removing these programs could make it harder for some to manage debt effectively, forcing them to look for new debt solutions in an already challenging financial landscape.

Americans Want Choice—Not Restrictions

The debate over credit card rewards is part of a larger conversation around who should pay for the costs associated with accepting credit cards—banks or retailers. Two-thirds of Americans (66%) believe that retailers should pay for the convenience of accepting credit and debit card payments, not the consumers.

When retailers pass these costs to consumers in the form of surcharges or fees, it impacts spending behavior. The survey found that 66% of U.S. adults are less likely to shop at businesses that impose these surcharges.

Even more telling is the opposition to policies like lowering debit interchange fees if it means that banks will increase fees on other services, such as checking accounts.

Nearly 7 in 10 respondents (69%) oppose this trade-off, making it clear that Americans are protective of their current financial tools—and skeptical of any changes that would shift costs back to them.

How Does This Affect Your Debt Relief Options?

For anyone carrying credit card debt, these changes could add another layer of financial strain. Rewards programs often help consumers by providing cashback that can be applied to balances, flights that make travel cheaper, or gift cards for essential purchases. Without those benefits, paying off debt may feel like a steeper hill to climb.

If you’re someone actively searching for debt relief or debt solutions, it’s important to stay informed about these potential policy changes.

While rewards programs shouldn’t be your primary debt reduction strategy, they do play a small but helpful role in supporting overall financial wellness.

In the meantime, here are three practical debt solutions to consider:

1. Debt Consolidation: Combine multiple debts into a single loan with a lower interest rate to make payments easier and more affordable.
2. Debt Settlement Programs: Work with a debt settlement company to negotiate with creditors for a reduced payoff amount.
3. Credit Counseling: Certified credit counselors can help you create a customized repayment plan and may work with creditors to reduce interest rates.

The Bigger Picture: Why This Matters for Your Wallet

The strong opposition to government interference in credit card rewards isn’t just about perks—it’s about preserving consumer choice and maintaining access to financial tools that can help Americans stay afloat.

At a time when inflation and high-interest rates make managing personal finances more difficult, every little bit helps.And while debt relief programs and debt solutions are valuable resources, it’s equally important to protect the financial tools that make everyday expenses more manageable.

If you’re feeling overwhelmed by credit card debt or unsure of your best options, exploring debt relief strategies now is a proactive step you can take—especially as the financial landscape may change in the coming months.