Slashsnake
VIP Member
- Aug 5, 2016
- 589
- 48
- 68
Those people on there must be the stupidest people I've ever seen in my life.
With that said, I noted a few comments and laughed out loud to the comments to an article that have to do with Dodd-Frank. It's like nobody read the article or understands the negative areas to the law. One particular post says:
Can someone please explain to me how interest rates directly contribute to another cardholder's vacation? Rewards come from interchange fees; hence, why debt card rewards disappeared after the Durbin Amendment under Dodd-Frank was drafted up and signed by the president. Credit cards offer rewards because they want you use to use their card over another bank's card or even cash.
Maybe this guy doesn't understand that even if you're poor, you don't charge more money than you can afford to pay off in full every month... So why would it be a responsible cardholder's responsibility to help out the irresponsible cardholder? Sounds like a democrat... Or just an idiot.
Additionally, if your credit is in decent shape, you're probably paying 15%-20% at the most in interest charges, not 29% unless you've been late for a payment, which is also inexcusable if you pay off your balance once a week.
How about this one:
Well, you see here buddy, the merchant pays an interchange fee because the bank is risking a potential fraud transaction since most merchants are too lazy to tell their employees to check for a signature like they're supposed to, fail to upgrade to 21st century chip technology, or both. The banks have to pay for the fraud somehow, and usually fraud is a result of the merchant's stupidity by not taking the above measures in the first place.
It seems painfully obvious the average American does not understand the most basic concepts in business, and it's no wonder we're in such deep shit with our economy. It's funny to see how most on there are pro-Durbin Amendment even though the article clearly states that merchants don't pass the savings onto consumers, and banks pass the loss of revenue onto consumers by a few difference measures.
With that said, I noted a few comments and laughed out loud to the comments to an article that have to do with Dodd-Frank. It's like nobody read the article or understands the negative areas to the law. One particular post says:
Just as low risk higher income people subsidize high risk lower income people on Obamacare, the same goes for credit card holders. For every one getting Airline miles, a few pennies on their purchases and other perks, there is somebody out there, probably a more than a few somebody's paying a high up to 29% interest rate on their credit card. Nothing is for nothing and if people don't want to help those in need of more affordable healthcare, lower the interest rate on credit cards so people can stop subsidizing someone else's free vacation.
Can someone please explain to me how interest rates directly contribute to another cardholder's vacation? Rewards come from interchange fees; hence, why debt card rewards disappeared after the Durbin Amendment under Dodd-Frank was drafted up and signed by the president. Credit cards offer rewards because they want you use to use their card over another bank's card or even cash.
Maybe this guy doesn't understand that even if you're poor, you don't charge more money than you can afford to pay off in full every month... So why would it be a responsible cardholder's responsibility to help out the irresponsible cardholder? Sounds like a democrat... Or just an idiot.
Additionally, if your credit is in decent shape, you're probably paying 15%-20% at the most in interest charges, not 29% unless you've been late for a payment, which is also inexcusable if you pay off your balance once a week.
How about this one:
There should be no fee on retailers for allowing people to pay with their money via card. This is something that banks and credit institutions passed on to retailers. How is fair that allowing people to pay or use their money from a credit or bank service costs a retailer money?
Well, you see here buddy, the merchant pays an interchange fee because the bank is risking a potential fraud transaction since most merchants are too lazy to tell their employees to check for a signature like they're supposed to, fail to upgrade to 21st century chip technology, or both. The banks have to pay for the fraud somehow, and usually fraud is a result of the merchant's stupidity by not taking the above measures in the first place.
It seems painfully obvious the average American does not understand the most basic concepts in business, and it's no wonder we're in such deep shit with our economy. It's funny to see how most on there are pro-Durbin Amendment even though the article clearly states that merchants don't pass the savings onto consumers, and banks pass the loss of revenue onto consumers by a few difference measures.