debit card discrimination

[JMapleton]

and you would be correct in assuming so. what I am now is a product of irresponsible spending 10 years ago. Some of my bad habits are still around and I'm fighting everyday to try to get better financially. but that's a bit off topic.

Well don't mope around and boo hooing about it. You can start where you stand and build your credit over again. Eventually all that old stuff falls off (usually 7 years, 10 for bankruptcy). Most of it actually becomes void in about 5 years if you build your credit well.

I treat credit like a bodybuilder treats his muscles, it's like a sport to me. I watch my credit, seeing how higher I can get it, how big I can make my cc limits. I spend responsibly, so there is no danger.

 

[Tweak155]

and you would be correct in assuming so. what I am now is a product of irresponsible spending 10 years ago. Some of my bad habits are still around and I'm fighting everyday to try to get better financially. but that's a bit off topic.

Then for someone in your situation, cash is no doubt the better option (or debit card, aka same thing).

However, if you get the chance and can control your spending habits, credit offers multiple benefits down the road.

 

[Tweak155]

Well don't mope around and boo hooing about it. You can start where you stand and build your credit over again. Eventually all that old stuff falls off (usually 7 years, 10 for bankruptcy). Most of it actually becomes void in about 5 years if you build your credit well.

I treat credit like a bodybuilder treats his muscles, it's like a sport to me. I watch my credit, seeing how higher I can get it, how big I can make my cc limits. I spend responsibly, so there is no danger.

I did the same thing with credit limits. They have come down on increasing that in the past few years.

Chase used to let you combine cards, it was the best option.

 

[JMapleton]

I did the same thing with credit limits. They have come down on increasing that in the past few years.

Chase used to let you combine cards, it was the best option.

Stick with Amex, Discover, regional banks, and avoid Chase and the other big cc banks. National banks treat their customers the worst. Small local banks and most credit unions give poor rewards and services, imo.

Discover has given me auto increses and my large regional bank I bank with has given me huge limit increases and even give me large unsecured lines of credit tied to my checking account with low interest.

 

[Tweak155]

Stick with Amex, Discover, regional banks, and avoid Chase and the other big cc banks. National banks treat their customers the worst. Small local banks and most credit unions give poor rewards and services, imo.

Discover has given me auto increses and my large regional bank I bank with has given me huge limit increases and even give me large unsecured lines of credit tied to my checking account with low interest.

Most smaller banks I've noticed like to stick you with fees. I have had Discover, I let the card die. It was not impressive. Didn't get an increase once. I do have an Amex.

 

[Modelworks]

It would make things harder for consumers but really nothing major. If you go back about 20 years to the days of credit cards and paper receipts where you had to imprint the card (that is the reason the numbers are raised on the card in the first place) there were many places that only took one card type. Some took visa, some mastercard, and very few accepted discover. There were a lot of jokes at the time about how useless a discover card was because nobody would take them. The reason it changed is electronics made it easier to process for the retailer.

What they want to do is make it so a store like walmart could say "we only accept debit cards from xxxxx bank" , which they have the right to do . There is no form of payment that is required under law, not even cash. A business can refuse payment in any form they want to.

Why the credit union is complaining is this will cost them, not consumers.

What is 'Interchange'?
Each time you use your VISA or MasterCard credit card or VISA/MasterCard Debit card, the merchant is paid immediately and the Credit Union receives what is described as an "Interchange" fee (paid by the merchant) through the card payment processing system. This fee reflects the merchant's fair share of the costs of this convenient and beneficial payment system.

Importance of 'Interchange' for your Credit Union
At your credit union, the income from interchange supports our credit and debit card programs and allows us to offer these cards with NO fees, low rates, free rewards and extra benefits such as our popular ATM surcharge rebate program. The creidt union manages the costs of our card programs to 'break-even' by giving our members added benefits not readily found elsewhere.

So who does the credit union think the merchant gets the money from to pay them ? It may be good for the members of that credit union but it cost people who are not members extra money .

 

[rasczak]

It would make things harder for consumers but really nothing major. If you go back about 20 years to the days of credit cards and paper receipts where you had to imprint the card (that is the reason the numbers are raised on the card in the first place) there were many places that only took one card type. Some took visa, some mastercard, and very few accepted discover. There were a lot of jokes at the time about how useless a discover card was because nobody would take them. The reason it changed is electronics made it easier to process for the retailer.

What they want to do is make it so a store like walmart could say "we only accept debit cards from xxxxx bank" , which they have the right to do . There is no form of payment that is required under law, not even cash. A business can refuse payment in any form they want to.

Why the credit union is complaining is this will cost them, not consumers.


So who does the credit union think the merchant gets the money from to pay them ? It may be good for the members of that credit union but it cost people who are not members extra money .

thanks for the info model. makes a lot more sense now looking at it from the perspective.