Credit Card Competition Act

[AMH]

Was this ever discussed here or on DDMS

[AMH]

https://handsoffmyrewards.com/

[Mf1]

Wouldn't it enable stores to lower prices?

[notyettaken]

enable yes. will they no.

(businesses charge as much as they can without lowering sales too much. Lowering the price ~3% won't drive up sales enough to justify it.)

[AMH]

Wouldn't it enable stores to lower prices?

Stores dont lower prices if something they will cash in on the extras

[db23]

Wouldn't it enable stores to lower prices?

when they did the same thing with debit cards no savings was ever handed over to the consumer. with credit cards now stores are charging % JUST TO SWIPE.

[db23]

why hasnt this issue been discussed more on ddf? this eems to be major if it passes, unless im missing something?

[Moshe123]

Bad for DDF, good for klal yisrael as a whole.

Bad for conservatism, good for nanny state.

[Yakov15]

enable yes. will they no.

(businesses charge as much as they can without lowering sales too much. Lowering the price ~3% won't drive up sales enough to justify it.)

If lots of people start using cash because the benies of using card would dwindle. You bet prices will come down a lot. They will have to.

[Gvann]

If lots of people start using cash because the benies of using card would dwindle. You bet prices will come down a lot. They will have to.

People using cash has nothing to do, a store wants you to use cash always so they will be very happy keeping prices the same and taking cash. They will be making significantly more money on each transaction

They said the same thing by debit cards, wont be different this time either

[Moshe123]

People using cash has nothing to do, a store wants you to use cash always so they will be very happy keeping prices the same and taking cash. They will be making significantly more money on each transaction

They said the same thing by debit cards, wont be different this time either

People having less incentive to use a credit card = much less spending = bad news for banks and stores.

[Gvann]

Bad for DDF, good for klal yisrael as a whole.

Bad for conservatism, good for nanny state.

Why is this better for klal yisrael as a whole? Klal yisrael as a whole makes a significant amount of money from credit cards, and the jewish stores all charge more because of credit cards so they’re not losing money on it compared to the upcharge they already have in place. Most people rely on points for significant chunks of their budget, be it travel, cash back for food, rent, etc, it would definitely not be good for klal yisrael as a whole.

[Gvann]

People having less incentive to use a credit card = much less spending = bad news for banks and stores.

People will still use credit cards because they have to buy things. A credit card is still credit, which a large amount of people need when going to the store

[db23]

Bad for DDF, good for klal yisrael as a whole.

Bad for conservatism, good for nanny state.

why is this good for  "klal yisrael as a whole"?

and why is bad for conversation?

[db23]

@Dan not worth a write up? and post the points guy link.

this thing seems like it might be a dagger to the points and miles game.

some saying there might be a workaround even if it does pass.

they want to pass this bill very soon before they go on there very much needed month long vacation!

[Yakov15]

People using cash has nothing to do, a store wants you to use cash always so they will be very happy keeping prices the same and taking cash. They will be making significantly more money on each transaction

They said the same thing by debit cards, wont be different this time either

Numerous studies show that when using card customers buy and spend way more. Any store owner with half a brain doesn’t want you using cash. Once you’re at checkout they want the cash, but while you’re shopping they want your credit card.
How many people would be purchasing $700+ glasses if they would be paying it with 7 $100 bills that they just took out from the bank?

[JudahMcB]

If lots of people start using cash because the benies of using card would dwindle. You bet prices will come down a lot. They will have to.

It costs a business to accept cash too. Sometimes more than the 3% they pay for accepting CC. They need to have someone collect it, store it overnight and bring it to the bank in the morning. Plus that assumes that every penny is accounted for. Depending on the volume of cash and the number of registers it almost never adds up at the end of the day: there almost always is miscounted change and/or skimming by employees.

[Yakov15]

It costs a business to accept cash too. Sometimes more than the 3% they pay for accepting CC. They need to have someone collect it, store it overnight and bring it to the bank in the morning. Plus that assumes that every penny is accounted for. Depending on the volume of cash and the number of registers it almost never adds up at the end of the day: there almost always is miscounted change and/or skimming by employees.

It’s not about the cost of business. It’s about the consumers cost conscious mindset that will be reimplemented with a cash society.

[db23]

Numerous studies show that when using card customers buy and spend way more. Any store owner with half a brain doesn’t want you using cash. Once you’re at checkout they want the cash, but while you’re shopping they want your credit card.
How many people would be purchasing $700+ glasses if they would be paying it with 7 $100 bills that they just took out from the bank?

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.

[db23]

It’s not about the cost of business. It’s about the consumers cost conscious mindset that will be reimplemented with a cash society.

cash society is dead! or whats ever left of it is about to be dead real soon!