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27 comments
Yes, technology will eventually kill credit cards, but what should be even more concerning is that Baby Boomers and Gen X love credit cards, while younger generations do not. They prefer buy now, pay later.
As a German, where the so called “girokarte” dominates the market and charges less than Mastercard or Visa this is already the case which is where Amex is basically accepted nowhere. It doesn’t stop credit (or charge) cards for providing decent benefits. At the end it’s a win win for literally everyone…
Thank you for your info.
Im in merchant services and visa/MC are so huge that they’ll adapt. Even apple years ago. Their slogan was that they were going to eliminate processing fee’s which they didn’t. Surcharges are a grey area but cash discount is legal CA and NY etc. But if a debit card is used then a charge back is very very rare, like sending cash app to the wrong person. Credit card’s do have protection so if someone hacks you. You can charge it back and get your money immediately while they do the investigation. Plus people will usually over spend on credit cards. So no matter if its a digital currency (which is were we are headed) there will still be a need to use credit.
Maine is ME, not MN.
Credit whoring himself out to webull. Why not give more to China!?
It all comes down to one thing with me, all of these new systems don’t have the zero liability benefit of the CCs. Furthermore by removing the float, “instant transfer” they make it harder to build in protections.
Visa and MasterCard will just lower the fees on the cards and charge it on other ways plus they are already for the new reset.
Merchant F&B already have such huge profit margins and yet they complain about 1.4-2% transaction fee. Shame on them
I don't see this being a huge threat. Numerous entities have attempted to take on Visa and MasterCard over the years. At best, the result is a niche product like Discover, but in most cases these upstart cards either get sucked into the Visa/MasterCard system (Citibank used to issue cards on its own "Choice" network in the 70s and 80s) or fail entirely.
Crypto is a complete nonstarter for the average merchant. It is simply too volatile.
Merchants who decide to stop accepting credit cards do so at their own peril. If people can't use their desired form of payment, they will go elsewhere. For example, the Kroger supermarket chain briefly stopped accepting Visa cards in 2019, citing increased merchant fees. This ended up costing them so much business that they rescinded the policy a few months later. (True, certain merchants are able to negotiate reduced merchant fees, which is why you'll sometimes see things like "except wholesale clubs" in rewards offers, but these arrangements are out of reach for all but the biggest operations.)
Lastly but certainly not least, the average viewer of this channel pays their cards off in full each month, never pays a dime in interest, and cycles through multiple cards to get the best rewards for each purchase. This is nothing at all like how the average consumer behaves. Most cardholders are carrying four- and five-figure revolving balances, often at interest rates north of 20%. Last year, Capital One took in on the order of four times as much in interest charges as it did in merchant fees. This is where the real profits are and always have been.
I only use credit cards. The best way to protect yourself against fraud is with a credit card. And speaking of gas. I don't want to buy $50 in gas, and have a $100 hold on my card.
Maine would be ME not MN
Introducing the Chase Sapphire Conserve.
Just as long as Freedom Flex gets 5% I don't mind
I don’t like this at all I like the way things are now my Hilton card just gave me a 100$ statement credit I left because of the hurricane to Georgia for 3 days from Florida I was leaving anyways because of the surpass card I got 100$ off and free wifi and breakfast and room upgrade so cool like I get so many benefits I don’t wanna give those up
If they make changes to where people will lose their rewards. It will be an an uproar with consumers. It one of the reasons why people choose not use debit cards. Because they cut out of the rewards. At this point I can see people will wait before applying for a credit cards.
Great video Great information thanks
I see where you're coming from, but I can see this going the other way just as easily. They can stop accepting CC, but consumers can also stop using to their business. Too early to tell.
For regular people who don’t care about the rewards etc mainly use credit cards as a way to pay for things they can’t afford at the moment, pay by bank like zelle forces you to have money in your account which defeats the purpose of credit cards for most regular people
I have no interest in credit cards if I'm not getting the points.
Hey the Great State of Maine initials is ME not MN
You leave out that Credit cards offer credit which will disappear with pay by bank. Then what? Back to cash.
Im in New York and I don’t think it’s illegal to add the surcharge for credit cards. We use Elavon merchant services which has this built into our desktop terminal. I know it’s illegal to add the surcharge for debit cards. Also since adding the surcharge earlier this year, I really haven’t noticed any decline in credit card transactions regardless of the customer is paying the transaction fee.
Maybe this will kill debit cards, not credit cards
They can join Discover and AMEX in trying 😂 Knowing how bad Chase is, good luck to that! 🤣
Why aren't we scanning foreheads and right hands yet?
You CANT Use A Pay-By-Bank With A $0.00 Account. People will still use credit for EXTENDED TIME TO PAY