Is Congress Going to Kill Credit Card Rewards? ( www.nerdwallet.com )

MajorHavoc , 10 months ago

Dude whose job it is to rip off consumers says “consumers will lose”.

I’m sold. Pass that law. If the CC company bozos are against it, it’s probably a good thing.

This reads as “if our prices have to be competitive, we’re cancelling our bullshit programs where you could game back some of the money we took from you.”

Yeah. We know you won’t be able to afford that, because we will still have all of that money. That’s the point.

Edit: “Let them eat cake.”

JoYo , 10 months ago

I’ll even pay extra if they stop selling my info.

Squizzy , 10 months ago

Why pay extra when you could legislate

JoYo , 10 months ago

legislation is paying extra.

Squizzy , 10 months ago

How so?

WetBeardHairs , 10 months ago

Actually, that’s a fair point. Credit card merchant fees are a significant portion of transactions. VISA gets rich because they charge 1-10% on every single transaction. Holy crap.

My family churns our credit cards to get the absolute maximum rewards possible. Each year, out of probably $75k in purchases on credit cards, we receive about $3k in cash back. That’s about 5%. Sure, we’re thankful for being able to get some free nights in a hotel and such, but if we weren’t paying those fees in the first place, we’d save quite a bit more.

But of course, cost savings are not transferred to consumers these days. Retailers will still charge the same, they’ll just give VISA and the big banks less profits.