Fairness in credit card regulations?

Question

f the Obama Government has properly 'regulated' the banking and credit card industry
so it's 'consumer friendly' howcum those of us who don't want to use it
still have to pay for it?
The banks get 5% or better of every transaction through a charge to the merchant.
The merchants include this charge in their price structure.
ALL our prices go up to support this 'service'.
We ALL wind up paying a 5%+ 'sales tax, not to any government, but to the banks.
This is supposed to be a 'service' right?
Then let those who want to use it pay for it.
Personally, I'd rather get an extra steak for the $100 or so that I cant get out of the
supermarket for less than.
If it's a service, howcum the price for it isn't apparent even to those that do use it
so that market forces and competition will regulate its cost?
If YOU had to pay that 5% to use a card, how often would you CHOOSE to do so?
Don't we deserve that choice?
Maybe "there oughta be a law?"

That's the nickel rant. - I'll bill you later.
For the more florid and complete and complex $1.50 rant, - I'll need a credit card number.

A Hunch · Accepted Answer

When you rant, it really helps to know your facts.
American Express has the highest merchant fee 3.25.
I'm a super volumn etailer may mc/visa fees are 1.67%....
the big boxes are probably paying pennies.

Calvin C · Answer

for a fairly decent easy by an uneducated person it is to bad you chose howcum not how come.  You are correct everyone who pays cash is being ripped of and the USA is the only country in the world where nerchants cannot pass fees onto buyers.  Banks own the US government.

Scott · Answer

Unfortunately, you misspelled a lot of works and chose to not use correct English grammar.  

The processing fee isn't 5%.  You failed to mention that companies not only have to put credit card fee, but other expenses: employee expenses, real estate expenses, property tax, electric, shrink, etc.  

Check out couponshoppinwithjane on youtube.  You can get reduced stuff and/or free stuff without using credit cards.  Some stores allow you to get a discount if you pay in cash.  I think your response to this debate has many holes.

Anonymous · Answer

The pastime you owe on a credit is the place they get you. you pays over 20% pastime compounded daily. yet on your mark downs account they'd pay a million% in case you're fortunate. so that they pay you a million% then own loan it out ( credit card) and get a 20% return. no longer a bad scam. The banks declare this is all they're allowed to pay on a mark downs account by regulation. wager who paid to get this regulation handed. we've the perfect government funds would desire to purchase.

Hugo90 · Answer

Conservatives, the friends of the banks, have made it impossible for the Obama administration to effectively help consumers get fair terms.  Face it, Republicans have long defended banks to the point that bankers write the laws they want and customers just have to go along with whatever they say.

who WAS #1? · Answer

The banksters are getting all the government "regulation" they are paying for, which of course exists to serve them.  I am a cash customer, don't use credit.

Fairness in credit card regulations?

6 Answers