Sen. Dick Durbin can eat a bag of dicks....

[stillh8unlv]

Yeah, they make insane revenues.

Now deduct the bad debts of people who run up their credit card bills, don't pay, and declare bankruptcy.

I'll wait while you crunch those numbers.

All those poor, poor credit card companies..... won't someone please think of the credit card companies!

 

[The Tradition]

All those poor, poor credit card companies..... won't someone please think of the credit card companies!

Banks Lives Matter

 

[Obviously Oblivious]

This is good legislation. If your CC company decides to extinguish their rewards take it up with them or move to another provider.

 

[billanole]

I remember when you could actually save money by using cash or check that it reduced the price of what you were buying. In fact, you saved more by using cash than what you would get back in any cash reward promotion.

Credit card companies have gotten very wealthy while people used the credit cards to get their cash back "bonuses". In effect, it was the perfect example of trickle on, er, I mean, trickle down economics.

Not surprised that people like Trad will miss being trickled on.

You still can save by using cash. Auction houses charge less when paid by cash, check or wire transfer. Think about the savings on the purchase of a $100K painting if a check saves 3%.

 

[billanole]

I owned a retail business for 16 years and CC processing fees was the second highest monthly expense, second only to labor cost.

Company I worked with decided to pass on the fees directly to the customer. Boss realized that doing so would save over $100K per year.

 

[SB_SB]

This is good legislation. If your CC company decides to extinguish their rewards take it up with them or move to another provider.

This is spot on. The CC companies are only giving rewards because they can pass them along to the merchant. Just because the CC company can't charge the merchant, that doesn't mean the company can't continue to pay the rewards out of their own pockets. Everything is wonderful when they're spending the merchants money.

 

[Derekd3408]

You can't fly or rent a car without one.

I've rented a car with my debit card many of times.