Forget Google, time to end the Visa-MasterCard duopoly

Post by wil421 » Tue, Jun 30, 2020, 11:58 AM UTC

techsupporter wrote: post #174

wil421 wrote: post #153

Earlier quoted context omitted.

Debit card (bank card) transactions in the US require a PIN. Credit cards require a signature but most gas stations require a zip code. It would be nice if the US had PINs like Europe does for credit cards. I make around $1500-$2000 a year in cash back from my credit cards and $195 in fees. 6% back for groceries, 3% for gas, 3% on online shopping, and 3% for restaurants. All my household utilities and bills are run t…

> It would be nice if the US had PINs like Europe does for credit cards. Some cards do offer this feature, all issued by credit unions as I recall. Spokane Teachers Credit Union, First Technology Federal Credit Union, and State Department Federal Credit Union are the three I know off the top of my head. Target's MasterCard version of its REDcard also has a PIN but you cannot apply for that card directly. (I have card…

Post by omosubi » Tue, Jun 30, 2020, 12:06 PM UTC

alt_f4 wrote: post #449

komali2 wrote: post #110

Earlier quoted context omitted.

Every debit card I've had has still involved a credit card company in some way - they've all had the visa logo on them.

For fuck's sake, do some basic research. Literally at the top of the wikipedia article: > Visa does not issue cards, extend credit or set rates and fees for consumers; rather, Visa provides financial institutions with Visa-branded payment products that they then use to offer credit, debit, prepaid and cash-access programs to their customers.

Post by PickledJesus » Tue, Jun 30, 2020, 12:10 PM UTC

vxNsr wrote: post #284

granshaw wrote: post #188

Earlier quoted context omitted.

This has always struck me as one of the more blatant and out-in-the-open financial inequalities in this country.

It’s also a fake one. As the other commenter said, the credit card system came about bec cash was very expensive to use for stores. They were passing along those costs to consumers, the fact that that’s now inverted by some stores (cash discounts) is only doable bec of the prevalence of credit cards. Stores need to accept cash regardless, so there’s still some minimal added costs to using cash, but even with the offe…

Post by hanche » Tue, Jun 30, 2020, 12:12 PM UTC

Symbiote wrote: post #336

ivan_gammel wrote: post #327

Earlier quoted context omitted.

Germany is cash-based because of consumer behavior, not because costs are somehow lower. With corona, e-Commerce and services like SumUp more widespread Germany will inevitably catch up with other countries.

In Denmark, the majority of shops have little signs "Due to Covid-19, please pay by card or phone" or sometime "Due to Covid-19, cash is not accepted". On a recent trip to Germany, I didn't see a single such sign. Germany is changing gradually, perhaps due to the EU's limits on the fees Visa and MasterCard can change, but Covid-19 doesn't seem to have much effect.

Post by Nursie » Tue, Jun 30, 2020, 12:15 PM UTC

dx034 wrote: post #361

neil_s wrote: post #333

Earlier quoted context omitted.

+100! In Europe, they've limited interchange fees to a reasonable maximum. Banks can still make money, but don't offer crazy credit card rewards to the rich. I was sad to not get the rewards I was used to in the US, but happy that it was the greater good for society.

Also, with interchange fees at 0.3% and total card fees <1% for many shops, it's actually cheaper for sellers to accept cards than cash.