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Irv S
Lv 7

Credit card industry regulation for fairness?????? - Bull !?

If the Obama Goverment has properly 'regulated' the banking and credit card industy

so it's 'consumer friendly' howcum those of us who don't want to use it

still have to pay for it?

The banks get 5% or better of every transaction through a charge to the merchant.

The merchants include this charge in their price structure.

ALL our prices go up to support this 'service'.

We ALL wind up paying a 5%+ 'sales tax, not to any government, but to the banks.

This is supposed to be a 'service' right?

Then let those who want to use it pay for it.

Personally, I'd rather get an extra steak for the $100 or so that I cant get out of the

supermarket for less than.

If it's a service, howcum the price for it isn't apparent even to those that do use it

so that market forces and competition will regulate its cost?

If YOU had to pay that 5% to use a card, how often would you CHOOSE to do so?

Don't we deserve that choice?

Maybe "there oughta be a law?"

That's the nickel rant. - I'll bill you later.

For the more florid and complete and complex $1.50 rant, - I'll need a credit card number.

Update:

NO Tony, it isn't 'Free at the credit union".

The merchant still pays the fee and charges us all more because of it.

That was the whole point.

You only THINK it's free.

Update 2:

It's not that complicated. Don't any of you get that ALL prices go up because

the merchant has to raise them to pay that 'percentage?

Judy, Didn't you even read the question?

4 Answers

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  • Tony
    Lv 7
    9 years ago
    Favorite Answer

    it is free at a credit union

  • Jeb
    Lv 7
    9 years ago

    The interest you owe on a credit is where they get you.

    You can pay over 20% interest compounded daily.

    But in your savings account they might pay 1% if you are lucky.

    So they pay you 1% then loan it out ( credit card) and get a 20% return.

    Not a bad scam.

    The banks claim that is all they are allowed to pay on a savings account by law.

    Guess who paid to get this law passed.

    We have the best government money can buy.

  • Anonymous
    9 years ago

    Remember that no one is required to accept credit cards. Many smaller merchants where I live are cash only, or have a credit card surcharge. The Dodd-Frank Act actually made it so that merchants can refuse credit cards for small transactions.

  • Anonymous
    9 years ago

    so, when your cheque is deposited, take it all out, but a few dollars and use cash. no charges that way

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