(NEW YORK) -- The love affair Americans have had with their debit cards for years may be screeching to a halt.
First came the news from Bank of America that it would begin charging some customers $5 a month for purchases made using debit cards. The company said the surcharge was necessary because of new regulations imposed by Congress to reduce their charges to merchants for processing debit cards.
Now, banks are giving the same reason for doing away with one of its most popular perks: money-back for using debt cards.
This rewards program is based on revenue sharing. Since the banks will be getting less money from merchants, there will be less revenue to share with customers.
In just the past year alone, there's been a 30 percent drop in the availability of debit rewards programs.
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