Credit card companies increase all prices.

[Supposn]

Credit card companies increase all prices.</SPAN></SPAN>

Many small mom & pop businesses are at a competitive disadvantage because their price schedules cannot support credit card handling expenses charged to the vendor. The only credit card company contracts offered to them prohibit passing fees charged to vendors from being passed onto the credit card users. . Those small businesses would profit more if it were otherwise.</SPAN>

Retailers must increase their prices to both users and non-users of credit cards in order to defray the credit card fees due only to credit card users. Because we’re not offered that option, we use credit cards more often and prices to all users and non users of “plastic” are increased.</SPAN>

Purchasers preferring to pay by credit card are under-charged and those preferring lesser cash prices are over-charged. Individual retailers should determine what if any portion of their credit card fees they should “eat” as overhead expenses.</SPAN>

States ignored rather than defended both vendors and purchasers from what are significant restraints of trade.</SPAN> Effectively almost all retail prices are now increased for the purpose of maximizing credit card companies’ profits.</SPAN>
////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////</SPAN>

A class action suit has been settled rather than going to trial. In September 2013 a Brooklyn federal court will determine the acceptability of the agreed upon settlement between the defendants, (Visa and MasterCard issuers) and the plaintiff class of vendors that are clients of the card issuers.</SPAN>

Even if the court rejects the settlement, it is unlikely but Visa and MasterCard could voluntarily (as agreed within the proposed settlement) cease forbidding vendors from passing their card expenses on to the card users.</SPAN>
If Visa and MasterCard no longer enforce such a prohibition, competitive pressures would likely to induce similar behavior from other card issuers.</SPAN>

I’m not a lawyer but it’s my opinion the ten states’ prohibition of surcharge, would not apply in these cases if the vendors did not “bundle” the card charges with any other goods or services. Vendors need only itemize those charges to purchasers that explicitly choose to pay through a Visa or MasterCard card.</SPAN>

If the federal court’s settlement decision explicitly describes the prohibition of passing-on the fees as an illegal restraint of trade, it will apply to the defendants and to all other card issuers.</SPAN>

Refer to</SPAN>
http://www.forbes.com/sites/realspin/2012/08/21/consumers-are-the-winners-in-the-visamastercard-antitrust-settlement/</SPAN></SPAN> (http://www.forbes.com/sites/realspin/2012/08/21/consumers-are-the-winners-in-the-visamastercard-antitrust-settlement/)
|</SPAN>
Respectfully, Supposn</SPAN>

[logroller]

I never understood what the big deal was with banks charging a fee to debit/credit users. BofA tried it and consumers went crazy. I got into it with a member here; I tried to explain that businesses are going to pass the cost along through raised prices; why not just pay to play and eliminate the rigmarole of transactional losses through markup and with a more business friendly model, there'd be more competition. I like using my card, but I wouldn't mind a modest fee $.50 per transaction + 1% or whatever. Don't like it, pay by cash or check.

[Supposn]

I never understood what the big deal was with banks charging a fee to debit/credit users. BofA tried it and consumers went crazy. I got into it with a member here; I tried to explain that businesses are going to pass the cost along through raised prices; why not just pay to play and eliminate the rigmarole of transactional losses through markup and with a more business friendly model, there'd be more competition. I like using my card, but I wouldn't mind a modest fee $.50 per transaction + 1% or whatever. Don't like it, pay by cash or check.

Logroller, you’re missing the point.</SPAN>

The contracts offered by credit card companies forbid them to pass their card expenses on to the card users or to in any manner treat non-users of their cards in a superior manner.</SPAN>

Thus if you do or do not use plastic, the credit card expenses are baked into the price tags s of every item they sell.</SPAN>

If the federal court accepts the settlement agreed to by Visa and MasterCard, to some extent the prices of almost everything we purchase will be slightly reduced.</SPAN>

Respectfully, Supposn

[fj1200]

States ignored rather than defended both vendors and purchasers from what are significant restraints of trade. Effectively almost all retail prices are now increased for the purpose of maximizing credit card companies’ profits.

Disagree it restrains trade. CCs ease trade if you ask me.

[fj1200]

Logroller, you’re missing the point.

...to some extent the prices of almost everything we purchase will be slightly reduced.

Forest... trees... No reductions that anyone will notice.

How's your trade argument coming?

[logroller]

Logroller, you’re missing the point.

The contracts offered by credit card companies forbid them to pass their card expenses on to the card users or to in any manner treat non-users of their cards in a superior manner.

Thus if you do or do not use plastic, the credit card expenses are baked into the price tags s of every item they sell.

If the federal court accepts the settlement agreed to by Visa and MasterCard, to some extent the prices of almost everything we purchase will be slightly reduced.

Respectfully, Supposn
Perhaps you missed the fine print of said contract.
For example:
YOUR CONTRACT WITH USThis document, and any future changes to it, is your contract with us. We will refer to this document as your "Agreement" or "Credit Card Agreement"; these terms also include any changes we may make to this document from time to time.
We reserve the right to amend this Agreement at any time, by adding, deleting, or changing provisions of this Agreement. All amendments will comply with the applicable notice requirements of federal and Delaware law that are in effect at that time.
If an amendment gives you the opportunity to reject the change, and if you reject the change in the manner provided in such amendment, we may terminate your right to receive credit and may ask you to return all credit devices as a condition of your rejection. We may replace your card with another card at any time.https://www.bankofamerica.com/content/documents/VISA-MASTERCARD%20PREFERRED-GOLD-PLATINUM-ENGLISH.pdf

as for the vendors increasing their prices as a result of laws prohibiting usage fees, that was my point as to why I'd rather have a use fee; atleast then I can avoid it.

[aboutime]

There really is quite an easy way around Credit, and Credit cards.

Get rid of them. Pay them off and cut them up. Close them out.

That's what is wrong with our entire economy. CREDIT.

Americans need to finally learn..before the government ever will.

If YOU can't afford something you only want because someone else has it. That's dumb.

If YOU can't afford something, and haven't got the cash to back it up in the bank. You don't need it.

My wife and I once had 15 credit cards, and it didn't take long to MAX all of them out. Then...we had nothing.

Change your life now. Stop buying things you don't need, with money you don't have, to impress people you don't know, and
expect to get out of debt anytime soon.
Credit Card companies, and Banks are in competition with the IRS.
Which one would you like to OWN you?
Right now. They ALL DO.

[logroller]

There really is quite an easy way around Credit, and Credit cards.

Get rid of them. Pay them off and cut them up. Close them out.

That's what is wrong with our entire economy. CREDIT.

Americans need to finally learn..before the government ever will.

If YOU can't afford something you only want because someone else has it. That's dumb.

If YOU can't afford something, and haven't got the cash to back it up in the bank. You don't need it.

My wife and I once had 15 credit cards, and it didn't take long to MAX all of them out. Then...we had nothing.

Change your life now. Stop buying things you don't need, with money you don't have, to impress people you don't know, and
expect to get out of debt anytime soon.
Credit Card companies, and Banks are in competition with the IRS.
Which one would you like to OWN you?
Right now. They ALL DO.
Those credit card fees apply to credit cards that debit your checking account too; so its not just people buying things they cannot afford. It's a convenience to use them instead of paying by cash or check. That convenience costs though; regulations restrict how much who pays for it. In the end though, its the consumer who pays for it. Originally, credit card companies made enough money from interest earned that a modest convenience fee charged to the vendor was sufficient; debit cards do not offer such a benefit, so credit card companies charge the bank. When you have a large balance in the bank(>$2000) the interest earned on that deposit offsets the cost, but if you have a small balance, naturally, banks want to pass the credit card costs onto their customers, and tried, but there was an uproarious response-- because its not just about people buying things they cannot afford, its about not wanting to pay for the convenience services they receive.

[gabosaurus]

Anyone who disagrees with how credit card companies run their business should refrain from using them.
Credit card companies are known to absorb losses on bad risks and pass them onto better companies.

If you really want to piss off the credit card companies, pay your balance in full at each billing cycle. They can't make any money off you that way.

[Robert A Whit]

Anyone who disagrees with how credit card companies run their business should refrain from using them.
Credit card companies are known to absorb losses on bad risks and pass them onto better companies.

If you really want to piss off the credit card companies, pay your balance in full at each billing cycle. They can't make any money off you that way.

They are paid a fee by the merchants.

[Supposn]

Anyone who disagrees with how credit card companies run their business should refrain from using them.
Credit card companies are known to absorb losses on bad risks and pass them onto better companies.

If you really want to piss off the credit card companies, pay your balance in full at each billing cycle. They can't make any money off you that way.

Gabosaurus, you missed the point that will be remedied if this class action settlement is accepted by the court.</SPAN>

In order to maximize their volumes of business, the oligopoly of credit card issuers’ contacts all forbid clients, (the vendors) from passing their charges onto their customers.</SPAN>
Thus the credit card issuers’ charges are all baked into the prices of everything they sell.</SPAN>

Yes, if you pay your accounts on time you will not pay interest but the credit card industry to some extent increases the prices of almost every item sold in our nation.</SPAN>

Respectfully, Supposn</SPAN>

[taft2012]

There really is quite an easy way around Credit, and Credit cards.

Get rid of them. Pay them off and cut them up. Close them out.

That's what is wrong with our entire economy. CREDIT.

Americans need to finally learn..before the government ever will.

\.

Amen.

I've never carried a balance on my credit cards and never paid a nickel of interest.

It's no wonder our country is indifference to national debt when the voters are indifferent to catastrophic personal debt.

[fj1200]

Thus the credit card issuers’ charges are all baked into the prices of everything they sell.

Credit card companies grease the wheels of commerce.

[mundame]

Anyone who disagrees with how credit card companies run their business should refrain from using them.
Credit card companies are known to absorb losses on bad risks and pass them onto better companies.

If you really want to piss off the credit card companies, pay your balance in full at each billing cycle. They can't make any money off you that way.


Right.

Oh, people, DON'T use credit cards. Anyone who has ever been totally, totally out of debt, as many people are now and I have been for .....something like 15 years --- will never, never go back to mortgaging your future to those evil debt companies.

My husband uses cards somewhat but pays it off; I don't own one and don't plan to. I use a debit card on the Internet; it works just great. Never refused.

Massive universal debt is one of the great evils of the middle and late 20th century. Wall Street Journal yesterday said young people are beginning to get out of the credit card lock, carrying a lower total debt of $15,000 inst. of $18,000 per family, including all debt, even student loans. Some of the smarter young people have learned from this serious recession that it's a bad, bad idea to spend in advance of your income.

[aboutime]

Amen.

I've never carried a balance on my credit cards and never paid a nickel of interest.

It's no wonder our country is indifference to national debt when the voters are indifferent to catastrophic personal debt.


Taft. It's all because of that "INSTANT GRATIFICATION" Americans want, and need.

My father used to call it "AMERICAN STATUS" when talking about credit cards, or loans.

The definition of Status, American style is.....

"You have status when you buy things you don't need, with money you don't have, to impress people you don't know!"

The status comes due Every Month.

[logroller]

Taft. It's all because of that "INSTANT GRATIFICATION" Americans want, and need.

My father used to call it "AMERICAN STATUS" when talking about credit cards, or loans.

The definition of Status, American style is.....

"You have status when you buy things you don't need, with money you don't have, to impress people you don't know!"

The status comes due Every Month.
So status is buying the eye drops that a doctor says i do need, using a Visa credit card that debits the money i do have in my bank account, so that tomorrow I wake up being able to see, is to impress people i dont know???
I just thought it was means of payment for a medical necessity. It does take 2 to 3 business days for it to be transferred, but its held immediately. So if paying for something that helps me to see is status; I'm all for it. But the issue of the thread isn't whether credit cards are the root of all evil; they do facilitate commerce, so if increasing commerce is all that bad, you'd best barter because fiat currency, e.g. dollars, facilitate commerce the exact same way. The issue is who controls the value of any medium of exchange-- buyers/sellers certainly should, but should government?

[aboutime]

So status is buying the eye drops that a doctor says i do need, using a Visa credit card that debits the money i do have in my bank account, so that tomorrow I wake up being able to see, is to impress people i dont know???
I just thought it was means of payment for a medical necessity. It does take 2 to 3 business days for it to be transferred, but its held immediately. So if paying for something that helps me to see is status; I'm all for it. But the issue of the thread isn't whether credit cards are the root of all evil; they do facilitate commerce, so if increasing commerce is all that bad, you'd best barter because fiat currency, e.g. dollars, facilitate commerce the exact same way. The issue is who controls the value of any medium of exchange-- buyers/sellers certainly should, but should government?


logroller. Guess nobody ever told you A DEBIT CARD is not the same as a CREDIT CARD.

A Debit Card is only as good as the amount of money YOU REALLY HAVE. Where a CREDIT CARD is someone else's money that you don't have.
Your questions above would probably sound better, coming from a 5 year old.

[logroller]

logroller. Guess nobody ever told you A DEBIT CARD is not the same as a CREDIT CARD.

A Debit Card is only as good as the amount of money YOU REALLY HAVE. Where a CREDIT CARD is someone else's money that you don't have.
Your questions above would probably sound better, coming from a 5 year old.
Guess nobody ever told you the aforementioned fees are charged regardless of whether its a debit/credit. Visa/MasterCard etc on the card= fees on purchase. Your petty insults only make you look like a bitter old fool who got knocked off his soapbox.

[aboutime]

Guess nobody ever told you the aforementioned fees are charged regardless of whether its a debit/credit. Visa/MasterCard etc on the card= fees on purchase. Your petty insults only make you look like a bitter old fool who got knocked off his soapbox.


Feel better logroller? Anything you insist here. You sound like a mini-Robert. Always looking to get that last word, and the opportunity to get those childish names in...just to prove how smart you THINK you are.

Good job.