Author Topic: Credit Card Competition Act  (Read 2487 times)

Offline Yakov15

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Re: Credit Card Competition Act
« Reply #20 on: July 24, 2023, 11:37:02 AM »

cash society is dead! or whats ever left of it is about to be dead real soon!
I believe it’s mostly because of rewards. They don’t give out $68 billion in rewards for no reason. If rewards stop cold turkey, cash society will return imo. And for this reason I strongly believe this bill wont pass so quickly. But idk.

Offline Yakov15

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Re: Credit Card Competition Act
« Reply #21 on: July 24, 2023, 11:41:29 AM »
i think they want to have there cake and eat it too.

of course they love when people use credit cards, but they also dont like paying those fees. so some suck it up but now more and more are charging to swipe. so there trying to have it both ways.
Exactly. And they can charge to swipe because it’s all on the card again. Try charging a guy $30 in cash for a $1k purchase and he’ll laugh out the door thinking you’re nuts. Put it on his card and you won’t hear a peep.

Offline ckmk47

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Re: Credit Card Competition Act
« Reply #22 on: July 24, 2023, 11:45:35 AM »
I believe it’s mostly because of rewards. They don’t give out $68 billion in rewards for no reason. If rewards stop cold turkey, cash society will return imo. And for this reason I strongly believe this bill wont pass so quickly. But idk.
Young people swipe.  They like the convenience.  I don't think they'll start using cash.
My favorite cause: cssy.org

Online Moshe123

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Re: Credit Card Competition Act
« Reply #23 on: July 24, 2023, 11:47:39 AM »
why is this good for  "klal yisrael as a whole"?

and why is bad for conversation?

I think it will bring down some of the out-of-control spending.

Conservatism is about the government dictating less to businesses.

Offline Yakov15

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Re: Credit Card Competition Act
« Reply #24 on: July 24, 2023, 11:48:34 AM »
Young people swipe.  They like the convenience.  I don't think they'll start using cash.
Gen Z’ers are using cash more than ever lately. With the TikTok cash-stuffing trend..
(Young people do things that are convenient for them, but they’re not lazy. If they see they get rewarded by using cash they’ll do it in a heartbeat).
« Last Edit: July 24, 2023, 11:53:07 AM by Yakov15 »

Online Moshe123

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Re: Credit Card Competition Act
« Reply #25 on: July 24, 2023, 11:50:07 AM »
Young people swipe.  They like the convenience.  I don't think they'll start using cash.

Lower the banks' profitability on cards and they will likely scale back in handing out credit to some extent.
Less sign up bonuses will also mean consumers with less credit.

Offline db23

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Re: Credit Card Competition Act
« Reply #26 on: July 24, 2023, 11:58:23 AM »
I think it will bring down some of the out-of-control spending.

Conservatism is about the government dictating less to businesses.

so your point is that people are swiping so much to get a few free vacations and not bec they really need to use the card for there daily spending needs?

listen i get it, the out of control spending is a huge issue today, but is a main factor earning points?

Offline Spoon

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Online Moshe123

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Re: Credit Card Competition Act
« Reply #28 on: July 24, 2023, 12:01:09 PM »
so your point is that people are swiping so much to get a few free vacations and not bec they really need to use the card for there daily spending needs?

listen i get it, the out of control spending is a huge issue today, but is a main factor earning points?

It's not, but they might only have the card in the first place because of it and the habit progressed from there.

Offline db23

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Re: Credit Card Competition Act
« Reply #29 on: July 24, 2023, 12:03:21 PM »
I believe it’s mostly because of rewards. They don’t give out $68 billion in rewards for no reason. If rewards stop cold turkey, cash society will return imo. And for this reason I strongly believe this bill wont pass so quickly. But idk.

still think its much easier to pull out a credit card the to deal with cash on a daily basis, even easier now with paying with your phone. people also who dont even lest say spend way above there means and are just spending normal have trouble with cash on hand and use a cc just to get them through the week or month when they can get paid and pay the cc.   

Offline db23

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Re: Credit Card Competition Act
« Reply #30 on: July 24, 2023, 12:06:06 PM »
It's not, but they might only have the card in the first place because of it and the habit progressed from there.

i agree people get drawn in by huge SUBS and then do the spending and gather large balances and end up paying the fat interest rates which wipes out any bonus they may have gotten and it gets even worse if that card came with a high AF! 

Offline 5/3

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Re: Credit Card Competition Act
« Reply #31 on: July 24, 2023, 12:13:10 PM »
"Gen Z’ers are using cash more than ever lately. With the TikTok cash-stuffing trend..
(Young people do things that are convenient for them, but they’re not lazy. If they see they get rewarded by using cash they’ll do it in a heartbeat).
« Last Edit: Today at 11:53:07 AM by Yakov15 » "

Agreed. Also how does a twelve year old buy anything with all the data that is collected on electronic (card et cetera) payments with all the surrounding laws? I have yet to come across a credit or debit card that does not have at least thirteen years old as a minimum requirement with all the laws on privacy.

Offline db23

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Re: Credit Card Competition Act
« Reply #32 on: July 24, 2023, 12:49:26 PM »
if this passes, will the points and miles game be dead?

Offline Gvann

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Re: Credit Card Competition Act
« Reply #33 on: July 24, 2023, 01:45:41 PM »
Gen Z’ers are using cash more than ever lately. With the TikTok cash-stuffing trend..
(Young people do things that are convenient for them, but they’re not lazy. If they see they get rewarded by using cash they’ll do it in a heartbeat).

How many “young people” pay cash at the gas station to save 10 cents a gallon instead of getting 2 or 3 points per dollar?

There is also something called a debit card, which hasnt seemed to appear in this conversation yet. It is the same convenience in not carrying cash and costs the stores way less to process and doesn’t have to be stored over night. I don’t think the conversation is over cash vs credit, i think a debit card is going to be the method that results from this to be most used.

And the young people are very lazy, everything from a phone or its way less likely to get done.

Offline 5/3

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Re: Credit Card Competition Act
« Reply #34 on: July 24, 2023, 01:51:43 PM »
if this passes, will the points and miles game be dead?

To a lesser extent overall would be my prediction. On credit cards they make vastly more on interest that compounds when the average rate is higher than (at least one report I heard about) 20% (24.52% to be exact) currently. Can make much more when getting (again at least one report I heard about) a third (1/3) of your customers carry debt (some at 0% though) that would much outweigh the two to three percent-ish an issuer gets from interchange on a rewards card.

Offline db23

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Re: Credit Card Competition Act
« Reply #35 on: July 24, 2023, 05:11:29 PM »
To a lesser extent overall would be my prediction. On credit cards they make vastly more on interest that compounds when the average rate is higher than (at least one report I heard about) 20% (24.52% to be exact) currently. Can make much more when getting (again at least one report I heard about) a third (1/3) of your customers carry debt (some at 0% though) that would much outweigh the two to three percent-ish an issuer gets from interchange on a rewards card.

a lot of whats discussed on ddf is directly linked to this credit card points and miles games, this new regulation has the potential to make it an afterthought if passed. just find it odd that there hasnt been any outrage over it? seems like everyone is taking the news rather well or alt has no idea that this can even happen.

Offline db23

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Re: Credit Card Competition Act
« Reply #36 on: August 01, 2023, 10:38:28 AM »
.seems like the Credit Card bill will NOT be attached to the Defense bill!!!

Offline 5/3

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Re: Credit Card Competition Act
« Reply #37 on: August 01, 2023, 06:58:07 PM »
.seems like the Credit Card bill will NOT be attached to the Defense bill!!!

It is not the first time it has been tried to attach to bill (where a lot of them are a package deal).

Thanks for the update. Was into other categories of news so that is an update that is news to hear here.