On 10/2/2011 10:48 AM, Home Guy wrote:
h wrote:

Ding, Ding, Ding, we have a winner. I get back at least $750 a year
from my BoA credit card and I never pay them one thin dime.

Where do you think they're getting this money to pay you?

The tooth fairy?



They're getting it from retailers who are paying increasing amounts for
CC processing charges and in turn they are raising the price you pay for
retail goods to compensate.

Of course they are. There is no magic involved. I actually like the idea
of the bill that led to debit card fees. Originally it was supposed to
cover both debit and CC and envelopes got to the right people so it only
covers debit cards.

I think it is a good thing because it will force competition among the 4
banks who control most of the banking in the US (anyone see any problem
with that?) So maybe BoAs $5 is too high. If so they now find themselves
in a competitive environment and the market forces will adjust things.

I think all debit and CC charges should be clearly broken out so the
buyer can see them and decide at purchase time. So say someone wants
rewards they pay a higher charge to cover their rewards.