Congress is trying to do away with credit card rewards

[Votto]

Congress Is Trying To Pass a Bill That Will End Credit Card Rewards Programs

This month, congress will vote on a bill to eliminate almost all the funding for popular credit card reward programs like cash back and travel points. This Legislation would allow retailers to process...

www.yahoo.com

So you say you are dying from the massive inflation caused by government? You say your retirement savings is down 30% or more?

Not to worry, they are not done sucking the life out of you yet, after all, they are leaches. No, they want to now take away your credit card rewards to ensure you can never afford anything ever again, like a vacation.

 

[wamose]

Sounds like Durbin and his buddies are looking for a big corporate payoff. Our sellout legislature at work.

 

[pknopp]

Do you really not understand that you are paying for these "rewards" with higher prices? Seriously?

 

[Moonglow]

Congress Is Trying To Pass a Bill That Will End Credit Card Rewards Programs

This month, congress will vote on a bill to eliminate almost all the funding for popular credit card reward programs like cash back and travel points. This Legislation would allow retailers to process...

www.yahoo.com

So you say you are dying from the massive inflation caused by government? You say your retirement savings is down 30% or more?

Not to worry, they are not done sucking the life out of you yet, after all, they are leaches. No, they want to now take away your credit card rewards to ensure you can never afford anything ever again, like a vacation.

Capitalists are greedy pigs.

 

[Penelope]

Sounds like Durbin and his buddies are looking for a big corporate payoff. Our sellout legislature at work.

also 2 republicans.

 

[Moonglow]

Sounds like Durbin and his buddies are looking for a big corporate payoff. Our sellout legislature at work.

That is what happens when your Congress is owned by corporations.

 

[iamwhatiseem]

Yet another move by corporate Democrats to continue to help large companies replace small businesses, while claiming to be helping small businesses.
This does nothing to help small businesses.
We are a small business. We incur CC transaction fees every month.
And those fees are 100% passed on to the customers. 100%.
Removing these fees will have absolutely zero effect on profits.
BUUUT - large retailers will reap massive rewards.
Amazon sales is around $40,000,000,000 per month.
Even with the lowest fee amounts, they pay probably around $800 million a month.
If this passes, they won't any longer. And they most certainly will not pass that savings onto customers.

 

[Burgermeister]

Can these fucking assholes stay the fuck out of private business? "This Legislation would allow retailers to process credit card transactions without getting charged a processing fee."

You can't legislate away cost. Someone will pay for it. Fuck around with the market and the consumer always pays.

So Best Buy saves 2% on transactions, none of it is passed on to the consumer, available credit to the consumer is reduced, and rewards value is taken from the consumer. The feds continue to beat citizens over the head to reward big business. This is an example of how legislators get rich.

 

[Moonglow]

Yet another move by corporate Democrats to continue to help large companies replace small businesses, while claiming to be helping small businesses.
This does nothing to help small businesses.
We are a small business. We incur CC transaction fees every month.
And those fees are 100% passed on to the customers. 100%.
Removing these fees will have absolutely zero effect on profits.
BUUUT - large retailers will reap massive rewards.
Amazon sales is around $40,000,000,000 per month.
Even with the lowest fee amounts, they pay probably around $800 million a month.
If this passes, they won't any longer. And they most certainly will not pass that savings onto customers.

In April, Durbin, Marshall, and U.S. Representatives Peter Welch (D-VT) and Beth Van Duyne (R-TX) sent a bipartisan, bicameral letter to the CEOs of Visa and Mastercard urging the companies not to proceed with plans to raise their interchange fee rates. Visa and Mastercard nonetheless proceeded to raise fee rates, prompting Durbin to hold a Senate Judiciary Committee hearing in May on excessive swipe fees and barriers to competition in the credit card system.​

​

​

Bipartisan Credit Card Competition Act​

Durbin, Marshall Introduce Bipartisan Credit Card Competition Act | U.S. Senator Dick Durbin of Illinois

The Official U.S. Senate website of Dick Durbin

www.durbin.senate.gov

 

[pknopp]

Yet another move by corporate Democrats to continue to help large companies replace small businesses, while claiming to be helping small businesses.
This does nothing to help small businesses.
We are a small business. We incur CC transaction fees every month.
And those fees are 100% passed on to the customers.

To note, as I said, the rewards are paid by the user.

100%.
Removing these fees will have absolutely zero effect on profits.

I have been to places, almost all small businesses that charge extra for using your credit card. Without the fee's they wouldn't do this. I wouldn't get a reward perhaps but I'd spend less on dinner.

BUUUT - large retailers will reap massive rewards.
Amazon sales is around $40,000,000,000 per month.
Even with the lowest fee amounts, they pay probably around $800 million a month.
If this passes, they won't any longer. And they most certainly will not pass that savings onto customers.

If they decide not to, the local store can to better compete with Amazon.

Now I don't think it's any of the government business what a credit company decides to charge it's customers, but "rewards" are just taking from one pocket and putting a little less in the other pocket.

 

[1srelluc]

I believe it might be dead for this year as it did not make it into the defence bill they were going to try to stick it in.

While there was momentary concern that this legislation would be included as an amendment to a recent defense spending bill, the Credit Card Competition Act of 2022 ultimately did not make the draft version of the National Defense Authorization Act (NDAA) for fiscal year 2023.

I'm sure hope springs eternal for dems and RINOs for next year.

 

[iamwhatiseem]

......... If they decide not to, the local store can to better compete with Amazon.

"local store can do better to compete with Amazon"................. HAHAHAHAHAHAHA!!!!!!
Yeah... no.
If Amazon is selling the same product you are, Amazon will win. Every. Single. Time.
The notion that a small business is going to compete with Amazon, a company making $40 Billion a month in revenue, has got to be one of the dumbest remarks I have heard in a long time.

Let's take shipping. A HUUUGE expense today.
UPS/FEDEX both charge customers for shipping an amount that is directly tied to the volume of shipping that company does. Both of these companies actually charge Amazon so little - it is a loss for them. They make up those losses by piggy backing other shipments along Amazon boxes.
So a box shipped by Amazon, may only incur $7 - $8 in shipping cost. While it will cost me between $12 - $25 to send the same product to the same address.
That is only one advantage Amazon has. There are literally dozens of others.

 

[Harpy Eagle]

Congress Is Trying To Pass a Bill That Will End Credit Card Rewards Programs

This month, congress will vote on a bill to eliminate almost all the funding for popular credit card reward programs like cash back and travel points. This Legislation would allow retailers to process...

www.yahoo.com

This month, congress will vote on a bill to eliminate almost all the funding for popular credit card reward programs like cash back and travel points. This Legislation would allow retailers to process credit card transactions without getting charged a processing fee.


This is why we need congress to do nothing but investigate the other side, when they pass bills they fuck up everything

 

[Harpy Eagle]

Do you really not understand that you are paying for these "rewards" with higher prices? Seriously?

So, do you really think if WalMart stopped having to pay a fee for Credit Card transactions they would lower their prices?

 

[iamwhatiseem]

So, do you really think if WalMart stopped having to pay a fee for Credit Card transactions they would lower their prices?

Walmart has a looooong history of passing on savings o customers, that is literally how they became so big. - HOWEVER - they only pass on a percentage of that savings. Usually about 25% - 50% depending on what that savings is. BUT - insiders, as this article and others on this topic point out, believe that it is unlikely major retailers will pass on ANY of the savings they will gain from this.

 

[pknopp]

"local store can do better to compete with Amazon"................. HAHAHAHAHAHAHA!!!!!!
Yeah... no.
If Amazon is selling the same product you are, Amazon will win. Every. Single. Time.

Well no. I buy local whenever I reasonably can.

It would be cool for that business to not have to pay access fee's. As I said, I don't really see that as something for the government to decide but I'm at a bit of a loss at people thinking that are something special.

The notion that a small business is going to compete with Amazon, a company making $40 Billion a month in revenue, has got to be one of the dumbest remarks I have heard in a long time.

I had to fix a water leak yesterday.........one has to understand where this house is located. The nearest hardware store is 20 minutes away and it's has to be one of the few independent hardware stores still around. It's still around because the people still support it.

Stout Hardware Co

They routinely compete with Amazon's lower prices.

Let's take shipping. A HUUUGE expense today.
UPS/FEDEX both charge customers for shipping an amount that is directly tied to the volume of shipping that company does. Both of these companies actually charge Amazon so little - it is a loss for them. They make up those losses by piggy backing other shipments along Amazon boxes.
So a box shipped by Amazon, may only incur $7 - $8 in shipping cost. While it will cost me between $12 - $25 to send the same product to the same address.
That is only one advantage Amazon has. There are literally dozens of others.

Yes, the government subsidizes Amazon shipping and oddly for some reason people support that.

Taxpayer Subsidies to Amazon Now Exceed $3.7 Billion - Good Jobs First

 

[pknopp]

So, do you really think if WalMart stopped having to pay a fee for Credit Card transactions they would lower their prices?

It would largely depend. If they felt they needed to, to compete with the Target store that decided to, then they would.

My biggest chuckle is with the idea of "rewards". No one is getting any "rewards". The article uses this language to get people behind the idea of making sure the credit cards can charges these fee's. It's a huge pro credit card article.

As I said, the government should have no say but it's funny how easily people can be led to something.

 

[22lcidw]

Capitalists are greedy pigs.

I am still trying to figure out how they hoodwinked the politicians and us by forcing us to e slaves to the banks. Get to know your customer. The constant lowering of the amount of money that can be removed from them that paperwork has to be made. There was a time of a guaranteed rate before we started to lose control of the fiat currency in the early 1970's. Low inflation and 4% interest was confidence in a strong nation.

 

[Harpy Eagle]

It would largely depend. If they felt they needed to, to compete with the Target store that decided to, then they would.

My biggest chuckle is with the idea of "rewards". No one is getting any "rewards". The article uses this language to get people behind the idea of making sure the credit cards can charges these fee's. It's a huge pro credit card article.

As I said, the government should have no say but it's funny how easily people can be led to something.

Actually we are getting rewards. Not everyone gets them, yet everyone pays the fee since the stores add it to their price. Thus, if you have a rewards program you are coming out ahead of those that do not

 

[pknopp]

Actually we are getting rewards. Not everyone gets them, yet everyone pays the fee since the stores add it to their price. Thus, if you have a rewards program you are coming out ahead of those that do not

A far more in depth analysist of the situation would be required. Not all fee's are the same.