Earlier quoted context omitted.
What do other countries do?
The same stuff
No, in the EU the user and retailer directly pay all fees, and the size of the fees and transparency is regulated.
Retailers Don’t Like Paying the Fees for Apple Card
41–50 of 102 posts
Re: Retailers Don’t Like Paying the Fees for Apple Card
#42Do the retailers actually pay the fees? I always assumed that this is pushed into the price to the consumer.
They do, in the sense that the consumer is charged the same price independently of which card they paid with.
Re: Retailers Don’t Like Paying the Fees for Apple Card
#43I don't like retailers storing my credit card info in dodgy databases that end up on the dark web. I understand that stores don't want to lose all their profit to interchange fees. That's reasonable. At the same time, I personally wouldn't be so dogmatic about using Apple Pay or an Apple Card if I hadn't had my debit card ganked five times in the last seven years. In other words, they've brought this on themselves, a…
When I was in the US (Nevada and Cali) I was so surprised how many places don’t accept contactless payment. Here in Hungary, even the smallest convenience stores accept it.
I was in a bookstore in Brooklyn that didn't have contactless when I asked, and the cashier said, "we're a bookstore, we don't have that sort of thing".
I replied, "I paid for a bottle of water in a vending machine with this 10 minutes ago."
Re: Retailers Don’t Like Paying the Fees for Apple Card
#44This was news to me - I thought all cards had similar processing fees for vendors. Do any banks or CUs offer rewards programs for debit cards?
> Do any banks or CUs offer rewards programs for debit cards?
Yes, Discover, for one. But percentage is lower, because I assume the fees are lower for debit.
Re: Retailers Don’t Like Paying the Fees for Apple Card
#45Do the retailers actually pay the fees? I always assumed that this is pushed into the price to the consumer.
It's the same thing. Retails also don't pay for their stock, rent, wages, or anything because it's all pushed into the price to the consumer.
Re: Retailers Don’t Like Paying the Fees for Apple Card
#46Note that back in November, @DHH from Basecamp had strong words about the Apple Card with regards to sexism. I know there's active investigations going on with it, but I know of no results. Then again, it's just been 1 month, which is pretty much 'yesterday' in bank time. https://twitter.com/dhh/status/1192540900393705474
I have no opinions about DHH in general, but he's just wrong here. He tweets: > Hilarious how much mansplaining is flowing in this thread. Every single poster questioning my wife’s credit score, a man. Every single defense of Apple blaming GS, a man. Almost like men are over represented in the defense/justification of discrimination that doesn’t affect them? which immediately costs him all credibility in this specifi…
A 2013 federal law allows one to include any income to which they have a reasonable expectation of access including income from spouse, partner or other member of household.
I seem to recall that he mentioned his wife doesn't work so she stated her income at $0 instead of the household income.
Re: Retailers Don’t Like Paying the Fees for Apple Card
#47This system is completely convoluted, with the incentives all over the place between merchant, bank, CC processor, consumer. It's the kind of thing that will never change until you go to a different country or start an alternative payment system that is 10x better, because no one has the power or will to displace the existing infrastructure. Consumers don't care because they don't (directly) pay the bill for these be…
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Re: Retailers Don’t Like Paying the Fees for Apple Card
#48I don't like retailers storing my credit card info in dodgy databases that end up on the dark web. I understand that stores don't want to lose all their profit to interchange fees. That's reasonable. At the same time, I personally wouldn't be so dogmatic about using Apple Pay or an Apple Card if I hadn't had my debit card ganked five times in the last seven years. In other words, they've brought this on themselves, a…
When I was in the US (Nevada and Cali) I was so surprised how many places don’t accept contactless payment. Here in Hungary, even the smallest convenience stores accept it.
I remember commercials like 15 years ago advertising the contactless cards but never have actually seen anyone use them in the US except for things like Apple/Android Pay. Lots of CC terminals have the symbol but it's never used. I remember a waiter in Europe trying to tap my card on the CC terminal multiple times before I mentioned that it's just a chip.
Re: Retailers Don’t Like Paying the Fees for Apple Card
#49The whole existence of credit card rewards seems like a failure of the system. Since merchants agree not to charge more to high fee credit card customers, all the other customers end up paying the fees for those rewards. So everyone has to use a credit card with rewards to compensate for that loss and the ultimate losers are the suckers who pay with cash or whatever else. I refuse to play those games and it surely co…
I think you're overestimating the complexity of all this. I pay most things via a 2% cash back card. Just the monthly statement to manage, no need for multiple cards, and no keeping track.
I get $500/year back on health insurance premiums alone from that, let alone all the other spending. Everything except my mortgage can be run through it.
Re: Retailers Don’t Like Paying the Fees for Apple Card
#50In addition to merchants, the group which really ends up losing are customers paying with cash/debit, as they don't harvest any CC rewards from their groceries but still pay the inflated price that merchants have to charge to keep up with swipe fees. I'd argue these high fees are a "tax" on those with poor creditworthiness/financial knowhow