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With summer vacations just around the corner, millions of Americans are getting ready to cash in their hard-earned credit card rewards: points, miles and cash back they’ve accumulated all year to help cover flights, hotel stays and rising costs at the gas pump. I would know, as I’m one of them.

But what if those rewards suddenly disappeared overnight?

That’s not a hypothetical. It’s the imminent consequence of a growing political movement – mainly flying under the national radar – to regulate how credit card transactions work through a wave of state-level price control laws.

There is a growing political movement to regulate how credit card transactions work through a wave of state-level price control laws. ( / iStock)

You read that right: state lawmakers nationwide are quietly coordinating a backdoor campaign to cap interchange fees, also known as "swipe fees," that credit card networks collect from retailers each time you use your card. They say they’re doing it to help small businesses. But the actual result will be devastating: the collapse of rewards programs, higher banking fees and fewer financial tools for families already struggling with inflation.

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It’s all eerily........

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