It didn't take long for debit card issuers affected by the Durbin amendment fee caps to cut back or eliminate rewards programs to recoup costs. Issuers now engaged in the increasingly competitive credit card rewards and loyalty environment may soon have to face that same decision.

With global pressure to decrease interchange rates for credit card transactions, it is not far-fetched to think U.S. issuers may see rates coming down within the next two years, said Brian Riley, principal executive advisor with CEB TowerGroup.

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