Congress is trying to do away with credit card rewards

[Harpy Eagle]

Hilarious. People are charging on their cards, not because of rewards programs, but because democratic policies have made it so Americans can't pay their bills without charging more. They can't see the forest through the trees.

They have been talking about doing this for years, they are not doing it because people might be charging more right now.

Is there any topic at all you are not just a parrot for the GOP talking points?

 

[my2¢]

It is simply yet another example of our Federal government out to provide service to elites and large corporations.

I see it somewhat different. The supporters of the bill are trying to limit the power of the large credit card corporations by opening up competition within their networks. And if their bill passes and works as planned then of course big spenders and large corporations will benefit the most. But it's like an across-the-board 1% tax cut where those who pay the most will benefit the most.

The problem I see is the narrow focus of the politicians in their attempt to fix a problem that doesn't exists. If ever credit card network fees become problematic, then certainly it'll be addressed most efficiently through free enterprise and not the politicians in Washington.

 

[Independent thinker]

They have been talking about doing this for years, they are not doing it because people might be charging more right now.

Is there any topic at all you are not just a parrot for the GOP talking points?

They are doing it now. If they were talking about it for years then why didn't they do it years ago? Answer: Because they are doing it now, at a time Americans are charging more in order to survive out of control Democratic inflation.

 

[my2¢]

I’d be skeptical of that website.

I like your style of being skeptical. Originially I went to the US Congress website to read the summary of the bill and came away totally confused and looking for help anywhere I could find it. I did find it helpful, but it didn't take all that much considering the US Congress source:

Shown Here:​

Introduced in House (09/19/2022)​

Credit Card Competition Act of 2022

This bill addresses network access and competition in electronic credit transactions.

The bill generally prohibits credit card issuers from restricting the number of payment card networks on which an electronic credit transaction may be processed. Specifically, the Board of Governors of the Federal Reserve System must prohibit certain credit card issuers with assets of over $100 billion from restricting the number of networks on which credit card transactions may be processed to

• one network,
• two or more networks operated by affiliated networks or persons, or
• the two networks with the largest market share of credit cards issued.

Additionally, credit card issuers are prohibited from imposing certain limitations on the routing of electronic credit transactions, such as through penalties for failure to meet a specified threshold of transactions on a particular payment card network.

The board must also provide for the designation of payment card networks that pose a security risk to the United States or are owned, operated, or sponsored by a foreign state entity.

H.R. 8874

 

[Harpy Eagle]

They are doing it now. If they were talking about it for years then why didn't they do it years ago? Answer: Because they are doing it now, at a time Americans are charging more in order to survive out of control Democratic inflation.

 

[Independent thinker]

View attachment 743259

LOL. Thanks. I always know I've won the debate when the best you can come up with is cartoons, videos, gifs, etc.

 

[Harpy Eagle]

LOL. Thanks. I always know I've won the debate when the best you can come up with is cartoons, videos, gifs, etc.

Yep...you won! Congrats! That always seems so very important to you. I guess you do not have much else in your life.

 

[Care4all]

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

Probably not, but small businesses on the net would, perhaps.

On the platform that I had a shop, if a customer used a credit card, I was charged a % for the sale, or if the customer used paypal, I was charged their % fee... Plus I had to pay a percentage to the platform sponsoring my shop.

And if a customer paid by check or money order, I paid no fee....which seldom happened.

My initial mark up needed on the retail price of my product to achieve my planned profit, included my fees for credit card companies, paypal, and what fees I had to pay the platform.... When one of those costs of doing business goes down, then my initial retail mark up needed to profit goes down....it is generally passed on to the consumer by me.

However, if I had a hot item, retailing quite well at the higher price, I wouldn't pass the savings on to the consumer, and use this hot item product's increased profit margin, to help pay for the markdowns of product that was not selling well...

Basically, it's a hit or miss for the savings to be passed along to the consumer....

My shop is a handmade created product, so nothing truly competes when you have original designs and creations, but there are still market stresses on how much a consumer will pay.

 

[Independent thinker]

Yep...you won! Congrats! That always seems so very important to you. I guess you do not have much else in your life.

I'm not the one posting cartoons to debate with. I guess cartoons is all you have in life.

 

[Harpy Eagle]

Probably not, but small businesses on the net would, perhaps.

On the platform that I had a shop, if a customer used a credit card, I was charged a % for the sale, or if the customer used paypal, I was charged their % fee... Plus I had to pay a percentage to the platform sponsoring my shop.

And if a customer paid by check or money order, I paid no fee....which seldom happened.

My initial mark up needed on the retail price of my product to achieve my planned profit, included my fees for credit card companies, paypal, and what fees I had to pay the platform.... When one of those costs of doing business goes down, then my initial retail mark up needed to profit goes down....it is generally passed on to the consumer by me.

However, if I had a hot item, retailing quite well at the higher price, I wouldn't pass the savings on to the consumer, and use this hot item product's increased profit margin, to help pay for the markdowns of product that was not selling well...

Basically, it's a hit or miss for the savings to be passed along to the consumer....

My shop is a handmade created product, so nothing truly competes when you have original designs and creations, but there are still market stresses on how much a consumer will pay.

Most of the small local places around here now give an option to pay by cash for a discount or pay by card for the full price.

 

[Harpy Eagle]

I'm not the one posting cartoons to debate with. I guess cartoons is all you have in life.

It is so cute you think you are debating!

 

[Independent thinker]

It is so cute you think you are debating!

It is so cute you think you are debating!

 

[Harpy Eagle]

It is so cute you think you are debating!

I don't think that at all.