Soon stores can reject any credit card that gives rewards or does cash back.

[Secure Da Bag]

Stores sue Visa and Mastercard so they can reject cash back, free points, rewards, and mileage.
Prep for the recession brehs.

MSN

If an agreement is finalized, consumers could see big changes at the register. Merchants that accept one kind of Visa credit card wouldn’t have to accept all Visa credit cards, for example. Under the current talks, credit-card acceptance would be divided into several categories including rewards credit cards, credit cards with no rewards programs, and commercial cards, the people familiar with the matter said.

Some stores might turn away rewards cards, which charge them higher fees and in recent years have become very popular with consumers. But stores that reject those cards would face the risk of declining sales.

The case dates back to 2005, when merchants sued Visa, Mastercard and large banks, alleging that they engage in anticompetitive behavior with interchange fees and acceptance terms.

 

[CopiousX]

Its fair.

the current system is regressive. You basically have poor people subsidizing wealthy people

In order for wealthier people to get fancy credit card perks and 3% cash back, the credict companies must charge the store 4% fees. The store has to get this back. Thanks to Federal anti discrimination laws they can't just charge reward card holders for fees, so they must then raise the price of everything by 4% in their store.

You end up with a system where credit card holders and reward card holders are basically net neutral(or slightly negative) because they don't realize the items they're purchasing have been marked up the exact same amount as a rewards. And those who can't get cards due to poor credit are paying a 4% tax on purchases

 

[ORDER_66]

Huh??? rejecting credit cards because of the rewards?

 

[KillerPups]

people will just stop elsewhere. haven't been to nine of those gas stations that charge more for cards in years

 

[Mordith]

Its fair.

the current system is regressive. You basically have poor people subsidizing wealthy people

In order for wealthier people to get fancy credit card perks and 3% cash back, the credict companies must charge the store 4% fees. The store has to get this back. Thanks to Federal anti discrimination laws they can't just charge reward card holders for fees, so they must then raise the price of everything by 4% in their store.

You end up with a system where credit card holders and reward card holders are basically net neutral(or slightly negative) because they don't realize the items they're purchasing have been marked up the exact same amount as a rewards. And those who can't get cards due to poor credit are paying a 4% tax on purchases

Wtf is this broke nikka talking about?

I flew 1st class to Panama last year for free using points....

 

[Mike Nasty]

All my cards have some type of rewards. Unless it's a restaurant I'm just leaving.

 

[Bubba T]

This would end up hurting merchants than helping. People just aren’t going to shop at these places and they’ll end up raising their prices anyway.

 

[CopiousX]

Wtf is this broke nikka talking about?

I flew 1st class to Panama last year for free using points....

You end up with a system where credit card holders and reward card holders are basically net neutral(or slightly negative) because they don't realize the items they're purchasing have been marked up the exact same amount as rewards. And those who can't get cards due to poor credit are paying a 4% tax on purchases

Did you not see this part?

You arent getting anything for free breh. These credit card companies are a business.

You already paid for that trip in full when the stores raised the price of gas/groceries/clothes/etc by 4 percent at the checkout counter. You may even be slightly net negative because the price increase has profit in it. And they do this at establishments where you didn't even swipe your card because the price of everything is raised ranging from your utilities, to doctor visits, to subscriptions.

Basically look at all of your spending bank statements and calculate 4% of that. That's what you paid for your trip. If your trip cost less than 4% of that, then you actually paid for other people's trips too, and you paid for the credit card ceo's yacht also.

 

[Mordith]

Did you not see this part?

You arent getting anything for free breh. These credit card companies are a business.

You already paid for that trip in full when the stores raised the price of gas/groceries/clothes/etc by 4 percent at the checkout counter. You may even be slightly net negative because the price increase has profit in it. And they do this at establishments where you didn't even swipe your card because the price of everything is raised ranging from your utilities, to doctor visits, to subscriptions.

Basically look at all of your spending bank statements and calculate 4% of that. That's what you paid for your trip. If your trip cost less than 4% of that, then you actually paid for other people's trips too, and you paid for the credit card ceo's yacht also.

Nikka I'm taking your word for anything you posted. You are a broke nikka rambling nonsense on here. I bet you haven't even brushed your teeth yet this morning...

Matter of fact let me show you how stupid you are. Do retail stores charge less for broke nikkas like you if you pay with cash? No!!! You pay the same price I did but didn't get a free 1st class flight out of it.

 

[MajesticLion]

 

[CopiousX]

Nikka I'm taking your word for anything you posted. You are a broke nikka rambling nonsense on here. I bet you haven't even brushed your teeth yet this morning...

Matter of fact let me show you how stupid you are. Do retail stores charge less for broke nikkas like you if you pay with cash? No!!! You pay the same price I did but didn't get a free 1st class flight out of it.

Ok, you win. I dont really do the whole back and forth insults thing.



peace be to you, and your people breh. Have a good morning.

 

[NotAnFBIagent]

Its fair.

the current system is regressive. You basically have poor people subsidizing wealthy people

In order for wealthier people to get fancy credit card perks and 3% cash back, the credict companies must charge the store 4% fees. The store has to get this back. Thanks to Federal anti discrimination laws they can't just charge reward card holders for fees, so they must then raise the price of everything by 4% in their store.

You end up with a system where credit card holders and reward card holders are basically net neutral(or slightly negative) because they don't realize the items they're purchasing have been marked up the exact same amount as a rewards. And those who can't get cards due to poor credit are paying a 4% tax on purchases

Makes sense when you break it down like that

 

[Diunx]

Wtf is this broke nikka talking about?

I flew 1st class to Panama last year for free using points....

The VIP onboarding lounges
Pay 5 bucks for a bottle if water 3 certs brehs

 

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