Anonymous wrote:

Anonymous wrote:Credit card points should be illegal and cc fees should be capped at a low percentage.

Why should points be illegal?

Points should be illegal and I don't understand why so many people use them. For one thing, there is no guarantee that they will hold their value. My bank just sent me a letter saying that points are now worth $200 per 20,000 instead of $250, or something similar. When the bank (or airline!) can arbitrarily change their value, it puts the consumer at risk and allows the bank to encourage people to use their card with the promise of a certain amount of return but not give that return.

Anonymous wrote:

Anonymous wrote:Credit card points should be illegal and cc fees should be capped at a low percentage.

Why should points be illegal?

Because the CC companies are stuck in an arms race to get customers and it ends up screwing everyone by raising prices.

I don’t notice it too many places but I just pay the fee. I get a lot of CC points though and understand how to redeem them for a good value.

Anonymous wrote:

Anonymous wrote:
Credit card points should be illegal and cc fees should be capped at a low percentage.

Why should points be illegal?

Because you are ultimately paying for those points. They are not "free". I am paying for your points in higher prices (to cover the points). I'd rather just have lower prices and pay for my airline tickets from my savings. If you can't save money on your own, that's your problem.

Merchant service fees vary by card so if you’re not using a higher fee card you’re not paying extra. The merchant and the bank are subsidizing them. Amusing to see someone sk arrogant be so wrong.

Anonymous wrote:

Anonymous wrote:I am starting to pay by cash.
But some places are cash free.
So you do not have a choice to pay by cash - and have a service charge. It blows my mind the logic.

I wouldn’t give those places my business.

+1 neither would I.

Anonymous wrote:I am starting to pay by cash.
But some places are cash free.
So you do not have a choice to pay by cash - and have a service charge. It blows my mind the logic.

I wouldn’t give those places my business.

I am starting to pay by cash.
But some places are cash free.
So you do not have a choice to pay by cash - and have a service charge. It blows my mind the logic.

Let’s be honest: this is just another price hike. Companies of all sizes used to build this into their cost of doing business, and thus, prices. If they can now charge the same price plus a processing fee, they’ve just raised prices by 3%. Yet, they’ve earned your sympathy that earlier “they had to shoulder this burden.” Win-win for the shop.

Either they add the 3% at the end and you see it as a separare cost or they build it in and raise prices, which would you prefer? Potayto, potato, makes no difference

I have not noticed this, but if I do I will start writing checks. I guarantee the merchants will decide they like CCs just fine once customers each take a couple minutes writing checks, they need to hire more cashiers, and they end up with a good percentage of bad checks.

They do this because they get away with it. If everyone refused to pay those fees they would go out of business. The issue is more people don't care and don't voice their complants.

Anonymous wrote:I feel increasingly annoyed at the 3% credit card fees being levied by retailers, the doctor's office, contractors doing work in my home, etc. Everyone looking for more money!

It has ALWAYS been a thing. You are just now noticing it silly rabbit. Many merchants used to just charge more for products and services paid for with credit cards and give a "cash discount".

Same thing. Potayyto. Pohtahto.

Credit Card companies (banks) charge the retailer a % per transaction as well as a monthly fee to have a business account to process the transactions.

Blame the banks if you want. It's how they make money off credit card transactions and why they get the governments to push digital transactions over cash, so they make more money.

Anonymous wrote:
Yes, they're passing along the 3% fee for using credit cards, and banks are charging fees for ACH wires, to *and* from accounts. So far, the fee has been "waived" when I've received a wire, but the bank is just putting me on notice.


This. And CC fees for Visa/MC to merchants have crept up and up over time to subsidize those "rewards". The fees now are well above ordinary "cost of doing business" levels.

There have been lawsuits against the CC companies about this.

Good. You have to wonder why they need 3% when other countries are only paying .3% and still they are making a profit!

Anonymous wrote:
Credit card points should be illegal and cc fees should be capped at a low percentage.

Why should points be illegal?

Because you are ultimately paying for those points. They are not "free". I am paying for your points in higher prices (to cover the points). I'd rather just have lower prices and pay for my airline tickets from my savings. If you can't save money on your own, that's your problem.

Anonymous wrote:Yes, they're passing along the 3% fee for using credit cards, and banks are charging fees for ACH wires, to *and* from accounts. So far, the fee has been "waived" when I've received a wire, but the bank is just putting me on notice.

This. And CC fees for Visa/MC to merchants have crept up and up over time to subsidize those "rewards". The fees now are well above ordinary "cost of doing business" levels.

There have been lawsuits against the CC companies about this.