So called "Credit Card Competition Act"

[Koolau]

Free enterprise works. At least, until the biggest companies bribe their way into the legislative process with campaign contributions, and laws like this emerge.

Too bad, isn't it. We let them get away with it, so it's really our fault.

 

[CaptTom]

Too bad, isn't it. We let them get away with it, so it's really our fault.

Is it? Maybe, collectively, we just aren't smart enough to know what's really going on. Many of us do, but not quite enough to do anything about it.

In the words of George Carlin, The game is rigged. I won't repeat his diatribe here, but I just re-read it and it seems to get more true every year.

 

[Koolau]

Is it? Maybe, collectively, we just aren't smart enough to know what's really going on. Many of us do, but not quite enough to do anything about it.

In the words of George Carlin, The game is rigged. I won't repeat his diatribe here, but I just re-read it and it seems to get more true every year.

It all comes down to what we value. When we get fed up with being ripped off, we can cause actual change within a "big" company. Think hard and a recent example or two will emerge - though the product/price wasn't bad - just the advertising. I'll stop there as YMMV.

 

[Time2]

Is it? Maybe, collectively, we just aren't smart enough to know what's really going on. Many of us do, but not quite enough to do anything about it.

In the words of George Carlin, The game is rigged. I won't repeat his diatribe here, but I just re-read it and it seems to get more true every year.

If it's rigged, haven't most of us here figured out the code, getting us in the top 5% or better.

 

[youbet]

I mean people, voters.

Walmart and Target are already paying far lower fees than smaller businesses, as they have a strangle hold on the issuers as it is. Trust me. Not just lower fees, but custom processes on the back end to handle chargebacks better with their systems, custom client management teams, etc.

The Mom and Pops - what's left of them - will continue to have to pay 3% and up no matter what happens.

Sounds like this change would make the small Mom and Pops more competitive vs the giant retailers. They'd now have the same small fees deducted from their revenue as giants like Walmart and Target. That would be good news.

 

[Koolau]

I mean people, voters.

Walmart and Target are already paying far lower fees than smaller businesses, as they have a strangle hold on the issuers as it is. Trust me. Not just lower fees, but custom processes on the back end to handle chargebacks better with their systems, custom client management teams, etc.

The Mom and Pops - what's left of them - will continue to have to pay 3% and up no matter what happens.

DW's small business was a member of a trade association - probably only a tenth the size of, say, Target. But the trade association bargained for the kind of fees that the big stores get - and got them. YMMV