Credit Card Competition Act

[Pablo]

Fidelity card: You've earned $1,632.98 over the last 12 months.

 

[alarmguy]

@Pablo
I just cleaned out lower amounts in my AMEX and CHASE card just because.
My Citibank and Discover have a combined total of $1,549 in cash back sitting there waiting to be used for something I want to buy and not feel guilty about.

I have dipped into a rarely for small things like my MauiJim, Costa and Revo sunglass collection (*LOL* yes, I have a problem) I love ultra thin glass sunglasses of the Costa and MauiJim (4 of my favorites) vs plastic though I am impressed with the new Revo's that I could not resist at Costco at a discount of 50% or more from regular places. They are plastic lens but, I don know, just awesome.

Oh, back to cash back, no politics in here so limited what I can say, just feel we are at the point of too much over regulation, people losing freedom on how and who to do business with. How doing business with a company that gives me cash back is a money grab out of my pocket into someone else's pocket and chances are EXTREMELY strong the pocket of the lobbyists who created the legislation for the companies they represent.

Im in the mist of setting up a new aquarium in the new home, and spending a fair amount on other things in the house for decorating. I use cash back for the "extras" in my life that I might otherwise feel I should spend someplace else. More or less important to me but less important to my wife (although we enjoy must the same) and the purpose of cash back.
She herself maintains her own credit cards and also gets cash back, I haven't included that in my total above. My wife, of course, is more modest in the sense that she most times lets it accumulate and then applies it to a bill.

 

[Pablo]

@Pablo
I just cleaned out lower amounts in my AMEX and CHASE card just because.
My Citibank and Discover have a combined total of $1,549 in cash back sitting there waiting to be used for something I want to buy and not feel guilty about.

The beauty of the Fido card is that is auto rolls into our investment/savings (taxable) account. So yeah I might lose it in the market or not, the temptation to spend it is less, I suppose.

 

[alarmguy]

The beauty of the Fido card is that is auto rolls into our investment/savings (taxable) account. So yeah I might lose it in the market or not, the temptation to spend it is less, I suppose.

You know, I have to agree, I thought many times about using that money for a Roth that I have and speculation money ... but... just seems boring to me sometimes *LOL* ugh... maybe if we stayed were we lived and where I first thought of the idea. But new home now.
I suspect from the outset your spending is higher than mine.

 

[Rmay635703]

The thing I find odd is that way back in the day (decades ago), merchants would often charge an extra fee to offset the use of the CC, because they had to pay that fee to the creditor. Back then, cash was king, and so CCs were considered a luxury that the user should bear the expense of the transaction. The product or service pricing was based on a cash price, and the CC cost burden was pushed in a separate fee to the user.

Fast forward to present day, and CCs are the preferred payment by most retailers; cash is a distant memory. And so, it would be easily argued that the cost of CC payments should be built into the cost of the product/service (and it pretty much is). The VAST majority of business transactions are based on CC/Debit cards, and so the burden of transaction is pretty much built into the face price visible to the consumer. So a cash buyer is actually paying a CC processing fee; unseen.

Yet now, we're seeing that companies want to charge for use of the CC, but then give a discount for debit card use. My question is this ... who's paying for those transactions? If you use a VISA or MC debit card, it still goes through the same processing system, does it not? I realize that there's no "credit" extended, as it's a debit transaction. But it's still a "transaction" that has to have equipment (card readers at the point of sale), payment processing systems that interact with your bank, and personnel to manage those systems. I SERIOUSLY doubt the debit transaction has zero costs involved. So why do retailers give discounts to debit users and not charge them some fee?

One thing is for sure ... the consumer won't see a penny of pricing reduction, and likely will get screwed over on his rewards also.

I find it all maddening and irritating.

Around here you get charged for plastic of any kind and you get charged to use funny phone money and apps as well. I don’t know of a single independent bar or restaurant that doesn’t charge extra fees for debit. Only chain stores. Was po’d the other day, I went to a Mexican franchised restaurant and specifically asked if they charge card fees, guy acted stupid said no and bang card fee.
It’s to the point I carry a couple $50’s on the weekend if I go to a restaurant I will know to just always pay cash. Had one place charge a cc fee on a cash payment, made them take it back and correct.



Only way to avoid is cash.

We still have a couple places that don’t take credit cards at all as well

 

[Zee09]

Fidelity card: You've earned $1,632.98 over the last 12 months.

The rich get richer or buy iPhone 15s

 

[KrisZ]

I got over $2,000 cash back combined on my credit cards- that I pay off every month. I try never to use cash for that very reason.

I was joking... for the most part. I enjoy my CC cash back same as the next guy, however this will eventually end. Credit cards are just a step towards fully digital currency, which would be tied to a social credit score of sorts. Your ability to earn and spend will be fully controlled.
Cash back is a carrot dangled in front of us to get us to get rid of cash.

 

[M56959]

Topic has run its course lock.