Credit-Card Backlash Mounts as Kroger Weighs Expanding Visa Ban
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Re: Credit-Card Backlash Mounts as Kroger Weighs Expanding Visa Ban
#2Kroger is the shit. I get so many cheap steaks. I also only have Visa though...
Re: Credit-Card Backlash Mounts as Kroger Weighs Expanding Visa Ban
#3Good? I hate the asinine secondary market of "points". Just don't take the money in the first place and then we don't have to sort out how I can reclaim it somehow.
Re: Credit-Card Backlash Mounts as Kroger Weighs Expanding Visa Ban
#4> over the $90 billion they pay in swipe fees every year.
> Kroger's revenue was 122.7 billion USD in 2017
That makes little sense and makes me wonder why Kroger does not issue its own credit card. Credit cards are a rent-seeking racket that eat lots of profit. Everyone knows it but no one knows what to do about it.
Re: Credit-Card Backlash Mounts as Kroger Weighs Expanding Visa Ban
#5> over the $90 billion they pay in swipe fees every year. > Kroger's revenue was 122.7 billion USD in 2017 That makes little sense and makes me wonder why Kroger does not issue its own credit card. Credit cards are a rent-seeking racket that eat lots of profit. Everyone knows it but no one knows what to do about it.
I wonder if Apple and others that can generate "soft" credit cards could make this (essentially 1 card per merchant) work pretty easily and seamlessly for consumers. I don't know what underlying infrastructure they have though, are they still heavily dependent on Visa/Mastercard/Amex networks under the hood to do the dirty work or do they have a parallel system?
Re: Credit-Card Backlash Mounts as Kroger Weighs Expanding Visa Ban
#6> over the $90 billion they pay in swipe fees every year. > Kroger's revenue was 122.7 billion USD in 2017 That makes little sense and makes me wonder why Kroger does not issue its own credit card. Credit cards are a rent-seeking racket that eat lots of profit. Everyone knows it but no one knows what to do about it.
When you take things out of context they often don't make sense.
The "they" in the first quote was "retailers." It was not qualified at all, so that should be all retailers around the world combined, from Alibaba to Mom's Bait Shop.
They don't provide any source for that figure, so trust it at your own risk.
Re: Credit-Card Backlash Mounts as Kroger Weighs Expanding Visa Ban
#7> over the $90 billion they pay in swipe fees every year. > Kroger's revenue was 122.7 billion USD in 2017 That makes little sense and makes me wonder why Kroger does not issue its own credit card. Credit cards are a rent-seeking racket that eat lots of profit. Everyone knows it but no one knows what to do about it.
Our local version of Kroger does issue its own card, but it is a Visa card. I don't know how settlement would work in their own stores, but if you were to use the card at other merchants, Visa would be getting their network fee, which can be like 3% of the transaction.
Re: Credit-Card Backlash Mounts as Kroger Weighs Expanding Visa Ban
#8> over the $90 billion they pay in swipe fees every year. > Kroger's revenue was 122.7 billion USD in 2017 That makes little sense and makes me wonder why Kroger does not issue its own credit card. Credit cards are a rent-seeking racket that eat lots of profit. Everyone knows it but no one knows what to do about it.
In the full context of the article it's clear the $90 billion number is referring to retailers in general and not Kroger specifically.
Re: Credit-Card Backlash Mounts as Kroger Weighs Expanding Visa Ban
#9> over the $90 billion they pay in swipe fees every year. > Kroger's revenue was 122.7 billion USD in 2017 That makes little sense and makes me wonder why Kroger does not issue its own credit card. Credit cards are a rent-seeking racket that eat lots of profit. Everyone knows it but no one knows what to do about it.
To be clear, the $90 billion is what all companies pay combined. It's the total market. It is not what Kroger themselves are paying. I imagine that Kroger is paying between $2 and $3 billion for credit card processing based off of their revenue.
Re: Credit-Card Backlash Mounts as Kroger Weighs Expanding Visa Ban
#10Good? I hate the asinine secondary market of "points". Just don't take the money in the first place and then we don't have to sort out how I can reclaim it somehow.
I've found it very difficult to try to explain this well to people who aren't financially/numerically-inclined.
The latest fad in Canada seems to be Paytm, which lets you pay (among various bills), your property taxes with your credit card.