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Trump is coming for your credit card rewards. That’s good.

Poor people pay a price for the affluent’s travel points.

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Wall Street is sending the public a dire warning: President Donald Trump has become a threat to the very foundation of American freedom — your frequent flier miles.

Okay, America’s big banks haven’t been using rhetoric quite that grandiose. But they are accusing Trump of imperiling Americans’ credit card rewards.

The feud between Wall Street and the White House centers on the Credit Card Competition Act (CCCA). Long stalled in Congress, that legislation aims to drive down the “swipe fees” that merchants pay to banks when customers use credit cards. In theory, if those fees fall, retailers might pass on some of the savings to consumers, in the form of lower prices.

Trump first endorsed the bill in January. But he’s ramped up his advocacy for it recently, amid a broader (belated) push to address voters’ affordability concerns ahead of November’s midterms. Last week, the White House urged Congress to “put Main Street over Wall Street” by enacting the law. On Monday, Trump praised Kansas Sen. Roger Marshall for “working tirelessly to pass the Credit Card Competition Act, in order to stop the out of control Swipe Fee ripoff!”

The financial industry is used to taking fire from Trump right before Election Day, then receiving favorable treatment from him thereafter. But in this case, Trump’s threat is not entirely idle. Large retailers are lobbying hard to get the Credit Card Competition Act passed during December’s lame-duck congressional session. Banks have responded by issuing a “code red,” in the words of the Wall Street Journal. In recent days, their lobbyists have warned policymakers that, if swipe fees fall, credit cardholders’ cash rewards and travel points will go down with them.

In truth, the consequences of the Credit Card Competition Act are uncertain. But if the banks’ big-picture story is right — and the law cuts both swipe fees and credit card rewards —........

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