Diegetics

Credit card companies charge merchants -- . And that is passed on to the consumer. There's no way the transaction costs the big banks 3%, it's a cash cow for them, and their profits are at an all time high while main street is still in recession.

The free market doesn't limit the fees because the fees are passed on to all consumers, not just the ones that use cards with particularly high fees.

It's time to limit credit card merchant fees. Perhaps a reasonable cap would be 0.5%.

And the result is that they raised fees on services and raised other charges to regular customers.

Lets hope no one comes to defend the practices of credit card company based on free-market principles, since credit card companies exist almost completely and entirely as a result of economic regulation and sweetheart deals from the government.

It's simply false that someone can come along and make a credit card company to compete with the others. It's basically impossible to get the proper credentialling to be a credit card company. That's why Visa, American Express and Mastercard are more or less the only games in town.

This is where the free-market ideals simply do not reflect reality. Banking is to some degree an extension of government, as financial instruments are derived from the regulatory environment in which they operate.

the fact that people need to hit the credit card to survive is the problem, not the fact that credit card companies are loan sharks.
we always have loan sharks, they are as an old an industry as prostitutes - what we dont always have is a situation where so much of the population relies on them.

there is also a grumpy conversative argument about childish expectation and people spending the money they have on crap rather than saving.

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all CC databases are interfaced to western authorities .. idea is guard against terrorism .. but this BS

authorities misuse the information for any purpose they like

If you use a cellular phone & pay by CC .. if so .. it is same as you walking NAKED on the street

database .. at any given moment, where you are, what you say, and what you pay

that is why, in north America, when you buying an airline ticket , you have to provide your cellular phone # and CC #


No

I am not against it .. nothing to hide .. feel more secure

all I am saying is , it can and is misused


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