The EU, I think, has established rates for debit and credit cards which are based not on percentages but on a fixed amount. This is mentioned in the article, but I think the actual amount should be included, because I think you would be amazed. In the U.S. part of the "large" fee that is charged goes to pay for the frequent flyer program, and I am not sure about this but some of "benefits" that high spenders get seem to me must come from the 25% to 30% interest fee that people pay who do not pay their credit card bill in full each month. So if the Senate and House managed to pass a bill that lowered fees, they and you and I might have our benefits cut, perhaps even to no benefits.
This sounds like a good trade off to me. Let me decide how to spend the money saved from not paying fees rather than be forced to spend “points” on certain things. At best it’s a regressive tax that transfers more wealth from the poor to the wealthy. 🤷♂️
Unfortunately, some of the wealthy like to be treated as special. Second, wouldn't this require that the store pass the savings in swipe fees on to the customer? I agree with you, I am just skeptical about stores passing on savings, and airlines doing away with loyalty programs. For example, consider how loyal I am to American Airlines, though I don't use it that much.
The EU, I think, has established rates for debit and credit cards which are based not on percentages but on a fixed amount. This is mentioned in the article, but I think the actual amount should be included, because I think you would be amazed. In the U.S. part of the "large" fee that is charged goes to pay for the frequent flyer program, and I am not sure about this but some of "benefits" that high spenders get seem to me must come from the 25% to 30% interest fee that people pay who do not pay their credit card bill in full each month. So if the Senate and House managed to pass a bill that lowered fees, they and you and I might have our benefits cut, perhaps even to no benefits.
This sounds like a good trade off to me. Let me decide how to spend the money saved from not paying fees rather than be forced to spend “points” on certain things. At best it’s a regressive tax that transfers more wealth from the poor to the wealthy. 🤷♂️
Unfortunately, some of the wealthy like to be treated as special. Second, wouldn't this require that the store pass the savings in swipe fees on to the customer? I agree with you, I am just skeptical about stores passing on savings, and airlines doing away with loyalty programs. For example, consider how loyal I am to American Airlines, though I don't use it that much.