In a 5-4 decision, the Supreme Court sides with American Express over Customers/Retailers

[hal2kilo]

One thing I do agree with though is that Congress needs to step in and rein the Supreme Court back in. We should make passing a new and more robust antitrust act a high priority next time Democrats are in power so we can start getting these monopolistic companies back under control.

Yea. but then they would have do actually do something, and it would be on their voting record. Can't have that, leave everything to EOs and SCOTUS rulings please.

 

[Exterous]

Visa/MC cardholders pay no more when they use those cards the same way Amex cardholders use theirs, paying the balance every month.

I didn't say it was. I said either can be used as a charge card, which is exactly what we do in my family.

I'm not sure what 'but my family does it this way' has to do with this. In 2016 Chase earned 110% of their interchange fees in interest ($2.2bn). Citi earned 806% ($11.3bn). So Visa and MC users, as whole, pay a whole heck of a lot more when they use their cards compared to Amex Gold, Platinum and Centurion card holders (functionally $0 in interest).

As an aside - I forgot there are costs to cash acceptance as well: storage, transportation, theft, counterfeiting etc . This paper found that to be around 3.3%. There are also plenty of studies out there that show people spend and tip more when using a credit card compared to debit or cash so even if the 3.3% number is off the added volume (20%-120% more depending on the study) would go a long way to offsetting or overcoming lower profit margin due to increased volume

http://fletcher.tufts.edu/CostofCash/~/media/Fletcher/Microsites/Cost of Cash/CostofCashStudyFinal.pdf

 

[Exterous]

I would guess that 99.9% of the credit card users out there don't get that luxury....

I think its at least somewhat common to be able to get late fees and interest reversed. I've mixed up payment dates or forgotten to make payments before a long vacation and have never had a problem calling or chatting a rep to get a fee reversed from Chase or Citi

 

[spacejamz]

I think its at least somewhat common to be able to get late fees and interest reversed. I've mixed up payment dates or forgotten to make payments before a long vacation and have never had a problem calling or chatting a rep to get a fee reversed from Chase or Citi

You keep replying in terms of your credit which is great for you. But I am pretty sure that is not the norm for the vast majority of the users out there. It is a known fact that Visa and MC make a substantial chunk of money on late fees, especially on those that have lower credit scores (i.e., higher risk - issuing credit cards to sub prime users is a sub industry in itself). Sure, you might be be able to get one late fee waived, but I am pretty sure if you do it more than two or three times, that will end quickly...or if your credit score is below 725-750, they probably won't waive anything....

 

[s0me0nesmind1]

As an aside - I forgot there are costs to cash acceptance as well: storage, transportation, theft, counterfeiting etc . This paper found that to be around 3.3%. There are also plenty of studies out there that show people spend and tip more when using a credit card compared to debit or cash so even if the 3.3% number is off the added volume (20%-120% more depending on the study) would go a long way to offsetting or overcoming lower profit margin due to increased volume

Hey! I get credit for that shit

I pointed it out way earlier in the thread that regardless of what stupid people in this thread like to tell themselves, maintaining, accruing, and accounting for cash isn't free. Regardless of the fact that people are too stupidly inept to see "charge fees" on a statement and indirect costs of doing business with cash.

 

[s0me0nesmind1]

You keep replying in terms of your credit which is great for you. But I am pretty sure that is not the norm for the vast majority of the users out there. It is a known fact that Visa and MC make a substantial chunk of money on late fees, especially on those that have lower credit scores (i.e., higher risk - issuing credit cards to sub prime users is a sub industry in itself). Sure, you might be be able to get one late fee waived, but I am pretty sure if you do it more than two or three times, that will end quickly...or if your credit score is below 725-750, they probably won't waive anything....

I'm not saying what anyone can get - but he is correct in that if you have an "occasional fuck-up" you can usually call-in and get an adjustment. The problem is the majority of americans don't know this or they have done it one too many times.

For example - I would have never thought that you can get interest reversed. When I was just getting into credit I paid off half my bill and figured "I'll pay off the 2nd half after I get my paycheck".... well, I forgot, and for the first (and only) time in my life I paid ~$50 in interest charges. Even I wouldn't have thought you could get interest refunded.

On the other hand, I damn-well know by now that you DEFINITELY CAN get bank fees reversed.... mostly because I refuse to pay bank fees. $20 for a book of checks? Fuck you, waive that fee or I'm taking my money elsewhere. Accidental once a year overdraft? Refund please. Etc.. etc..

 

[spacejamz]

I'm not saying what anyone can get - but he is correct in that if you have an "occasional fuck-up" you can usually call-in and get an adjustment. The problem is the majority of americans don't know this or they have done it one too many times.

For example - I would have never thought that you can get interest reversed. When I was just getting into credit I paid off half my bill and figured "I'll pay off the 2nd half after I get my paycheck".... well, I forgot, and for the first (and only) time in my life I paid ~$50 in interest charges. Even I wouldn't have thought you could get interest refunded.

On the other hand, I damn-well know by now that you DEFINITELY CAN get bank fees reversed.... mostly because I refuse to pay bank fees. $20 for a book of checks? Fuck you, waive that fee or I'm taking my money elsewhere. Accidental once a year overdraft? Refund please. Etc.. etc..

I get that you can get an occasional slip up waived...but in the grand scheme of things, the totals of these waived fees that you guys are talking about are drop in the bucket of fee revenue they make...

 

[s0me0nesmind1]

I get that you can get an occasional slip up waived...but in the grand scheme of things, the totals of these waived fees that you guys are talking about are drop in the bucket of fee revenue they make...

You mean from Republican congressmen?

That's right - they don't discriminate against minorities or lower income... Just financially illiterate retards.

 

[spacejamz]

You mean from Republican congressmen?

That's right - they don't discriminate against minorities or lower income... Just financially illiterate retards.

Believe it or not, they were were making a ton a off money against these retards before Trump became president...

 

[Exterous]

I would guess that 99.9% of the credit card users out there don't get that luxury....

You keep replying in terms of your credit which is great for you. But I am pretty sure that is not the norm for the vast majority of the users out there.

I didn't say it was the norm only that I doubt your "99.9%" claim is accurate. Since you haven't substantiated your claim I did some digging. Seems you are way off.

Nearly nine in 10 cardholders have successfully had a late payment fee waived after asking their credit card company to do so. And two-thirds had their requests for a lower interest rate approved.

Of course you have to be willing to ask and just not assume you're SOL

only 28% of cardholders have ever asked to have a late payment fee removed and only 23% have requested a lower interest rate,

http://time.com/money/3425668/how-to-get-credit-card-fee-waived-rate-lowered/

 

[Exterous]

Hey! I get credit for that shit

What? Who said that? Did someone hear something? No? Hmm...must have been the wind