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If this article’s intent was to make me support the bill and want to wedgie the author, mission accomplished.
It drives me crazy that people think credit card points are “free” benefits. You’re just getting your own money back! If you get 2% cash back or whatever, it’s obviously only possible because they’re charging merchants more than 2%, raising prices for everyone. It’s basically a hidden tax on everyone.
What’s worse is that it’s a regressive tax. The better credit cards with more benefits are available to the rich, not the poor. But the elevated prices are paid by everyone.
Societally, it is bad.
But since people lose their god damned minds over seeing the credit card fees, everyone pays them regardless of payment method.
So you really are getting a discount if you take advantage.
You’re not getting a discount, you’re just getting less screwed.
Word it however you like. It is still free money considering the state of the world
OK, I think we mostly agree. The wording is still important because there are, sadly, a lot of people who defend the practices of these credit card companies, fooled into thinking they’re getting a “deal”.
Unfortunately, yes.
If I pay my credit card off every single month, then I pay no interest and I get ‘rewards’ that works out to money back. Sure, retailers pay 1-2% in fees (assuming they’re a large retailer, and not a Square customer), and the people that don’t pay their card off get hit with 18% APR interest. But I get a check for a few hundred each year. Plus ‘discounts’ at certain merchants, or for specific goods and services.
My rewards are paid for in overall higher prices across the board, and by people that don’t have the financial luxury to pay off their credit card every month. The system rewards me for being lucky–although it claims that it’s ‘hard work’ and ‘smart financial choices’–and punishes other people. Not using the system as it exists doesn’t end up changing the system, because individually I have no leverage. So the best I can do it try to convince my legislators to change the legal structure, which can have unintended consequences.
IMO, credit/debit card payment systems should be handled by the US Treasury, so that there’s no profit involved at all.
IMO, credit/debit card payment systems should be handled by the US Treasury, so that there’s no profit involved at all.
Now that would be a nice change. Companies get a deal: Get regulated and play fair, or the government takes it over and you get nothing.
What is the law addressing that would hopefully benefit the people?
