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Started By
Message
Lawmakers trying to take away credit card rewards
Posted on 7/20/23 at 10:17 pm
Posted on 7/20/23 at 10:17 pm
quote:
Washington’s attempt to reshape the credit card industry is the latest clash between the Biden administration’s top regulators, Congress and the financial industry over the lucrative fees.
quote:
Those rewards are “an untaxed kickback,” said Brookings Institution senior fellow Aaron Klein, a former Treasury official and congressional economist. “The payment system is silently becoming a reverse Robin Hood, generating billions in untaxed side income for rich people.”
quote:
The money that banks and payment networks like Visa and Mastercard collect from swipe fees supports efforts to make transactions faster, more secure and less susceptible to fraud. But the bankrolling of expensive reward programs has spurred criticism, with economists from the Federal Reserve and International Monetary Fund saying they redistribute $15 billion annually from “less to more educated, poorer to richer, and high to low minority areas.”
LINK
Nothing these assholes can’t frick up.
28
Posted on 7/20/23 at 10:24 pm to TJG210
Meh I'd trade rewards that I never use for an end to transaction fees.
Posted on 7/20/23 at 10:25 pm to TJG210
quote:
an untaxed kickback
These m'fers are allowed to talk about this?
quote:
less to more educated, poorer to richer, and high to low minority areas
You mean people that pay their balance off on time in order to get the rewards? Essentially this is an early pay discount and pretty common across all industries.
Posted on 7/20/23 at 10:25 pm to TJG210
quote:
“less to more educated, poorer to richer, and high to low minority areas.”
I sure as shite ain't rich, but I take advantage of my rewards card. Pay everything on it, and pay it off at the end of the month.
Politicians love to screw up a good thing, don't they?
Posted on 7/20/23 at 10:25 pm to TJG210
quote:
Those rewards are “an untaxed kickback,”
Is there anything Democrats won't tax the shite out of?
Apparently the answer to my question is bribes from Ukraine to the Bidens
This post was edited on 7/20/23 at 10:26 pm
Posted on 7/20/23 at 10:25 pm to TJG210
Just you think they can’t get any dumber
Posted on 7/20/23 at 10:26 pm to Jim Rockford
quote:
Meh I'd trade rewards that I never use for an end to transaction fees
Cute that you think Walmart/Amazon is giving you back those fees.
Posted on 7/20/23 at 10:27 pm to AndyCBR
Do you even have a credit card? My wife and I have a chase sapphire and we use it for everything and pay it off every month. Whether we pay it off every month or not, we still get points. There’s no kickbacks for payment.
Posted on 7/20/23 at 10:30 pm to TJG210
quote:
Those rewards are “an untaxed kickback,” said Brookings Institution senior fellow Aaron Klein, a former Treasury official and congressional economist. “The payment system is silently becoming a reverse Robin Hood, generating billions in untaxed side income for rich people.”
We can discuss after Congress starts taxing and properly auditing their “untaxed kickbacks”
Posted on 7/20/23 at 10:32 pm to TJG210
Government needs a piece of everything
Posted on 7/20/23 at 10:39 pm to AndyCBR
quote:
You mean people that pay their balance off on time in order to get the rewards? Essentially this is an early pay discount and pretty common across all industries.
Do I have to spell it out? Think of the penalty in mortgage rates a person has to pay for doing the right thing and having a high credit score to offset the discount people get with the worst credit score now.
You get penalized for doing the right thing while the frickups get rewarded under this administration…..
This post was edited on 7/20/23 at 10:40 pm
Posted on 7/20/23 at 10:42 pm to TJG210
This is the dumbest thing ever. It’s my money( taxed income) that I save by using their card. When I use my rewards, Amazon points in my case, it’s taxed.
Posted on 7/20/23 at 10:42 pm to TJG210
Those "rewards" are pretty much money paid in hidden fees. You think banks/credit card companies are giving away anything for free? They are nothing more than incentives packaged up in away they can say "hey, the more you spend, the more of the hidden cost that we used to call incentives you will get. We just make our incentive package sound better than the other companies".
With that said, without reading this I am not sure why this is something that the government should be concerned with.
With that said, without reading this I am not sure why this is something that the government should be concerned with.
Posted on 7/20/23 at 10:46 pm to TJG210
It’s puzzling to me why wealthy people would vote Democrat.
Posted on 7/20/23 at 10:47 pm to TJG210
Classic.
Posted on 7/20/23 at 10:49 pm to OweO
quote:
Those "rewards" are pretty much money paid in hidden fees.
That’s fair, but the retailers sure as hell isn’t kicking the savings to the consumers. Politicians are the absolute scum of the earth and will do everything they can to court the vote of frick ups.
Posted on 7/20/23 at 10:50 pm to Intelligent
Been a long while since I've been offered zero percent on anything.
Posted on 7/20/23 at 10:51 pm to Jim Rockford
quote:
Meh I'd trade rewards that I never use for an end to transaction fees.
The $4000 cash back I got last year from my credit cards begs to differ
This post was edited on 7/20/23 at 10:52 pm
Posted on 7/20/23 at 11:01 pm to LSUsaintsfanla
quote:
Do you even have a credit card? My wife and I have a chase sapphire and we use it for everything and pay it off every month. Whether we pay it off every month or not, we still get points. There’s no kickbacks for payment.
You get penalized with interest if you don't pay the statement balance off. That offsets any points you get from the spending.
FFS some of you people are dense.
Posted on 7/20/23 at 11:03 pm to AndyCBR
Sure the interest offsets it but you still get points. You’re the jackass who said you get points for paying it off. You get points no matter what.
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