Credit Card Competition Act

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dadto2 said:
It is true that credit card rewards create a cost to merchants, and that cost us ultimately passed on to the consumer. Savvy consumers are able to manage rewards to benefit themselves. Those who are less financially savvy, or who do not have financial means, pay the price. So I would miss my rewards, but I can also support leveling the playing field.
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Yes they certainly do
I dumped my typical merchant accounts for PayPal...what???
I get 3% merchant rate for everything as a mail order only merchant. Why would I pay that?
Because if you read your merchant statement you will find those reward cards will cost the merchant upwards of 7%... Many have no clue..
That's why I went with PayPal instead and I have been taking credit cards since the 80s.

3% for a mail order merchant is a bargain. Believe it or not PayPal treats me better than the banks did too
 
I use my airline card for everything and pay it off as soon as it posts....In the past 9 years I have had many almost free flights...just paid the tax...to as far away as London England twice....Fort Walton Beach 5 times and Lubbock via Dallas 3 times...it works for me ...
 
Like most, I don't hold a balance and the cash rewards build over time. The APR on balances is truly scary and I can't believe any sane person actually would pay that ransom. I usually wait until maybe there is $1000 built up and have a check sent my way. I only use one card but have a second as a backup. The last 5-6 years it has been an Amazon card made from some super steel that can hardly be cut, maybe i's titanium? Anyhow the recent replacement went from black to blue....whatever.
 
Can't help but wonder what this will do to not just the 2% rewards cards but the 5% cards. The right slew of cards can land consumers 5% cash back on a lot of their purchases, and have to imagine this will eat into those benefits.
 
Vil_Riker said:
if you saw ads against this then it must be a good piece of legislation.
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Obviously there is a 'special interest' group who opposes this legislation just as there is one that favors it. The bottom line is that neither of them have OUR (the little people) interests at heart. I still feel that it will raise costs for those of us who use credit wisely.
 
pbm said:
Obviously there is a 'special interest' group who opposes this legislation just as there is one that favors it. The bottom line is that neither of them have OUR (the little people) interests at heart. I still feel that it will raise costs for those of us who use credit wisely.
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One must just keep in mind. Chances are it’s the bank lobby group who created this legislation.
They will no longer have to compete for customers by giving money back to the customers.

In other words, it’s the Noncompete For Your Business Act. by eliminating cashback, banks, no longer will have to hand out cash to its customers in order to stay competitive. 🫤

Anything that ends in the word “ACT” will cost the public money 🤔
 
Zee09 said:
Yes they certainly do
I dumped my typical merchant accounts for PayPal...what???
I get 3% merchant rate for everything as a mail order only merchant. Why would I pay that?
Because if you read your merchant statement you will find those reward cards will cost the merchant upwards of 7%... Many have no clue..
That's why I went with PayPal instead and I have been taking credit cards since the 80s.

3% for a mail order merchant is a bargain. Believe it or not PayPal treats me better than the banks did too
Click to expand...
Concur. I had a business where I would take cards over the phone and punch them into my machine (non point of sale) and the fees varied wildly based on the card, AMEX was the highest. I could have the customer on the phone then say..."Oh wait, this is an AMEX card so I have to charge you more"
PP helped me level out my pricing and was easy to link to the website.
 
We use our rewards annually to help fund Christmas presents or trips. I don’t want to lose that perk because it ends up being quite a bit.

Fortunately it is illegal for companies to get together and collectively agree to fix pricing. Unfortunately it is not illegal for them to collectively lobby to have uncle sugar ipso facto do it for them…

This country doesn’t have a two party system, it has a one party system - and we aren’t invited.
 
MSCH said:
I've never purchased anything and used credit simply I scored some points or got a free mile on a plane.
I put stuff on a CC and I pay it off .
the rewards stuff do not matter to me.

the interest rate doesn't matter either because I don't pay any. :)
Click to expand...
Rewards Over my 4 Credit cards last years were north of $700. Not a fortune but buys a lot of nice dinners and oil.
 
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