On Sun, 02 Oct 2011 13:31:59 -0400, Notat Home wrote:

wrote:
On Sun, 02 Oct 2011 10:48:29 -0400, Home 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?

From suckers, like you.

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.

He would pay more without the CC.

In the US, when a merchant signs up to take credit cards, he signs a
contract that he will not give a discount for cash sales. A few may,
but they are in breach of their contract.

No, he says that he will not charge more for CC sales. In any case, it's his
choice. That's sorta how contracts work.

In the EU, such contractual provisions are illegal, and you can often
get a good discount for paying cash (I think the fee the merchant pays
on a credit card purchase can approach 10%). I don't know how it works
for debit cards, as I've never seen the need to use one.

The EU is anti-freedom. shrug

I think congress limited the swap fees just so they could say they are
cracking down on banks (banks are never popular, even though we all need
them), but their remedy, like many of their remedies, simply won't work
because the banks will find another way to get their income. If
congress really wanted to help consumers, they would copy the EU
provision making a contract clause banning discounts for cash illegal.

"Cracking down on banks"? You're funny.

What we really need is a hung congress. Or should I say hanged.

I was starting to wonder about you... ;-)