With coronavirus being the most important topic right now, you would imagine that governments out there would be trying to help its people. While that may be true, it also looks like they have some downtime. How am I making that assumption? With bills like these not only being introduced, but also passing the state senate in New York.
The New York Senate has voted and passed Senate Bill S7104A, which allows consumers a 90 day grade period to redeem their credit card rewards after account closure. This would cover closures by the credit card issuer or the user themselves.
Although it has passed the senate, it still needs to pass the assembly and get signed by the Governor.
Although it isn’t technically law just yet, this is great pro-consumer move from the government in New York! There are too many stories of people with accounts closing, or being shut down without notice who lost out on thousands of dollars worth of points! If they were given some time to think about what to do with those points, it would be a nice way to get some value.
With this bill being proposed stateside, I wonder if someone in the government was trying to game American Airlines or American Express and proposed this change? That would be a great way for payback!
Would you like this sort of bill to be pushed nationwide? Let us know what you think in the comment section below!