Thank U Durbin Amendment: USAA Nukes Debit Rewards

[john398]

So will we get new debit cards that do not say rewards USAA CASH REWARDS DEBIT ?

[RockinRay]

I bet they do not want to go through the expense of getting new cards made and sending them out.

When you are due for a new card, that is when I would expect to see the change.

Look at it like this, they want to be reminded everytime you use the card of what you "used" to have!  LOL...

Ray

[CS800]

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@john398 wrote:

So will we get new debit cards that do not say rewards USAA CASH REWARDS DEBIT ?

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You beat me to this. I was going to say the same thing. My USAA debit says 'USAA Rewards Debit' but After Sept 1st 2011, no more Rewards.

[RockinRay]

I used to use cash rewards but I changed that to point rewards.

When I made the change, no new card was sent. I just got my new card last month and it did reflect points.

Ray

[Anonymous]

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@Anonymous wrote:

Here is the text of the new agreement: https://content.usaa.com/mcontent/static_assets/Media/DaD0406_BillPay0704_SvcFee0606.pdf?cacheid=3179105436

Its confusing, page 63:

For accounts opened before July 15, 2011:
USAA Rewards Debit Card - Cash Rewards rebate: BReceive a 0.5% cash rebate on total purchases made with a USAA Debit MasterCardR when you choose the

"credit" key at purchase. You will not receive USAA Rewards points. If you have selected USAA Rewards

For accounts opened on or after July 15, 2011: BUSAA Debit Card does not provide Cash Rewards or USAA Rewards points.

Effective September 1, 2011, USAA Debit Card Cash Rewards and USAA Rewards points are eliminated for all
accounts.

So, are rewards for accounts opened before 7/15/2011 getting rewards or not? Confusing.

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And why would it be confusing?

The first two paragraphs deal with the situation that exists today and continues until Sept. 1st.  On Sept. 1st all rewards for debit cards cease.

It is further clarified on page 34.  USAA Rewards and Cash Rewards debit cards cease to exist on Sept. 1.

Or you can just call them if you don't understand.  There will be no debit card rewards of any type for anybody, period.  They crunched the numbers and it was either eliminate free checking or eliminate rewards.  Rewards lost.

[AndySoCal]

The Durbin Amendment is all part the philosphy the goverment knows best. Goverment can make better decisions  for you than people themselves can

[Anonymous]

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@AndySoCal wrote:

The Durbin Amendment is all part the philosphy the goverment knows best. Goverment can make better decisions  for you than people themselves can

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Ah, stupid me.  And I thought it was the philosophy that elected representatives could get bucket-loads of cash under the table for passing legislation that hurt those that elected them.   

[Anonymous]

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@AndySoCal wrote:

The Durbin Amendment is all part the philosphy the goverment knows best. Goverment can make better decisions  for you than people themselves can

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Well yes.

if there were no rules our environment would be as bad as China, and our food supply would be as tainted. As of now, although I have heard of water from a sink being flammable, we have a much lower rate of rivers catching on fire and  and people being crushed up and finding their way into canned food ALA The Jungle.

Obviously enough people were being crushed by the overdraft fees and check order issues that they were made aware of the problem

[plasticman]

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@Anonymous wrote:

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@AndySoCal wrote:

The Durbin Amendment is all part the philosphy the goverment knows best. Goverment can make better decisions  for you than people themselves can

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Ah, stupid me.  And I thought it was the philosophy that elected representatives could get bucket-loads of cash under the table for passing legislation that hurt those that elected them.   

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@Anonymous... In this particular case I laugh because because what you write it is so common and true. I am sad because it affects most people in a negative way.

IMHO...Most of the time congress passes a new law there are unintended negative consequences resulting from it.

In this particular case it was intended. My assertion is based on the fact that is was well known not only by both sides of the aisle, but also by every publication one might have read during the debate on this issue, this exact result  would occur.

No matter one's political affiliation one cannot be surprised by this  particular result of the Durbin amendment nor any further negative results which have yet to be seen.

[plasticman]

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@Anonymous wrote:

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@AndySoCal wrote:

The Durbin Amendment is all part the philosphy the goverment knows best. Goverment can make better decisions  for you than people themselves can

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Well yes.

if there were no rules our environment would be as bad as China, and our food supply would be as tainted.

Obviously enough people were being crushed by the overdraft fees and check order issues that they were made aware of the problem

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I cannot subscribe to the assertion the majority of Americans need government to pass laws with the intent to protect us, as individuals, from ourselves.

 It seems quite a stretch to compare environmental law to finance law.