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11 months ago
Thu Oct 12, 2023 7:18 pm
Dinosaur
Seasoned RebelDinosaur
While this topic has been around awhile, the Star Tribune Newspaper in the greater Minneapolis-St Paul area of Minnesota (population of 4,000,000) had a sobering story today Thursday October 12, 2023, on the fate of credit cards and rewards.
It appears that the folks that always listen to us need to become acquainted with cash, checks and other methods of payment like all of us to understand what it may really mean (yeah forgot, they earn $175,000 a year poverty level).
That is to say, the article felt credit card fees were more than adding 3.9% to your bill for using credit. That merchants do not want to subsidize the credit user at all (no cards). Ideas of discount for cash are ever around and even Debit Cards use due to lower fees which we never saw anything on as consumers.
Tried not to laugh at comments how the two or more processing networks would be required and would help consumers as we know the cap on Debit Card fees did NOT come back to us as consumers. It just enhanced the business owners bottom line.
Around here and other Forums there are doubters about the survival of credit rewards and even credit card uses (no benefits) as business owners seem to think it will not shrink spending or cause them problems of loss from cash or checks.
Know this has been vented well before but it seems the US Congress and related Agencies are now turning a tuned in ear and listening.
Certainly, are many viewpoints to this question and I do believe a significant change in credit cards certainly has the potential to bite businesses due to less spending.
Probably I can live with it as I keep money in a can buried in the back lot and in the mattress. Safe for sure.
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