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re: Trump Is Right: Congress Should Pass Credit Card Competition Act
Posted on 4/3/26 at 8:37 am to SmackoverHawg
Posted on 4/3/26 at 8:37 am to SmackoverHawg
quote:
You can pay me a few bucks for the convenience.
I consider it a convenience for the business. I get a lot more consistent payments via CC/debit than in the past through other means. Free transfers without having to go to the bank for deposits. And it maintains an entire history of payments, outstanding balances, without me having to put in the effort of bookkeeping.
1
Posted on 4/3/26 at 8:44 am to Powerman
quote:
Yeah they have a monopoly. And we should break up all monopolies. A few decades ago the powers that be just decided to not enforce such laws. It hasn't worked out well for consumers.
Citizens is law of the land & GDP is an international arms race, so I don’t expect we will be regulating jack shite. Headed toward a second gilded age, rather.
Again… this is the same admin that slashed CFPB supervision and enforcement division staff by 80%, cut the budget in half, and removed rules and guidance on CC related fees.
This is how industrial consolidation and deregulation to infinity works. It’s good from a macroeconomic perspective until the domestic chickens start coming home to roost.
This post was edited on 4/3/26 at 8:47 am
Posted on 4/3/26 at 8:44 am to SlowFlowPro
quote:
I consider it a convenience for the business. I get a lot more consistent payments via CC/debit than in the past through other means. Free transfers without having to go to the bank for deposits. And it maintains an entire history of payments, outstanding balances, without me having to put in the effort of bookkeeping.
And you can pass it along in your hourly fees. I cannot. Insurance will only pay what insurance allows. I've got a 98-99% collection rate (after insurance adjustments) over a 22 year period. I think I'm doing alright. I doubt my individual bills are as large as yours. Mine are typically co-pays. Bet you don't process 1500-2000 charges/month either. If I could pay a monthly net jet membership fee with credit card fees for a relatively small practice in the grand scheme of things, shite is too high.
Posted on 4/3/26 at 8:46 am to NC_Tigah
It's not just the CC companies, it is big government pushing everything toward electronic so they can track and monitor everything you do. Government limiting cash transactions is as much to do with this as anything.
Government intentionally makes it hard to do things with cash,
Government intentionally makes it hard to do things with cash,
Posted on 4/3/26 at 8:48 am to CDawson
quote:
It's not just the CC companies, it is big government pushing everything toward electronic so they can track and monitor everything you do. Government limiting cash transactions is as much to do with this as anything.
Government intentionally makes it hard to do things with cash,
I like cash. Hell, I'll take Gold and Silver at market prices for payment. Been doing it with some folks for 20 years.
Posted on 4/3/26 at 8:51 am to dalefla
quote:
Why percentage of the charge? Does it not cost the processing company the same to process a $10 charge as a $10K charge?
Can't say it's right or wrong, but if you charge by the transaction, a flat rate charge is much higher percentage for a $10 charge than it is a $10k charge. Basically penalizing a smaller ticket store more than a large ticket store.
There is some amount of risk built into the charge and your risk on a $10k charge is higher than a $10 charge also.
Posted on 4/3/26 at 9:08 am to Timeoday
quote:
How about retail establishments that either charge a fee to swipe your card or charge you less if cash is used getting slammed or fined for such activity?
There have been laws proposed to outlaw this. They probably passed in a lot of places.
"How dare you punish people who use credit cards!#/!"
The free market solution is so obvious. It is mindblowingly stupid how convoluted this is.
Allow companies to charge less for cash.
Allow companies to use competing payment methods.
Ultimately, it should be up to the customer to spend in the fashion that competition dictates.
Posted on 4/3/26 at 9:09 am to NC_Tigah
The real way to fight this is for Americans pay cash as much as possible.
Posted on 4/3/26 at 9:12 am to meansonny
quote:
Allow companies to charge less for cash.
Allow companies to use competing payment methods.
Ultimately, it should be up to the customer to spend in the fashion that competition dictates.
People don't think populism be like it is, but it do.
Posted on 4/3/26 at 9:15 am to Flats
"If you need a law to" then we should probably stop right there. We are doing it wrong.
Posted on 4/3/26 at 9:17 am to Powerman
quote:That's not quite true. Visa and MC had exclusives with banks. Amex sued them and won.
A few decades ago the powers that be just decided to not enforce such laws.
The 2.5-3% swipe fees are interesting. I'd always thought those were pocketed by Visa/MC. Some of it is, but most goes to the bank as an interchange fee, which almost equates to payola. That is the portion the CCCA would hit. As a perspective setter, the EU caps swipe fees at ~0.2%, yet Visa/MC are as profitable there as they are here.
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