Both of those executives knew exactly what their fees to Walmart are, but they'd have been fired by the board before they left the room if they'd have said that in public.

Same with saying they had no idea what the debt on the cards was (owed TO them)... "we're not the banks". (if you didn't watch, it is in the trillions with a T)

glad to see i`m not the only one that is slightly on the spectrum when it comes to stuff like that.

He's not wrong when he says they're not the banks. Consumers owe Visa/MC nothing. Their fees are all paid by businesses. In the past, it was strictly a "hidden" charge. Since covid, many businesses have chosen to pass the charge along to card users in the open.

That said...I'm sure they have an idea of what the consumer debt on credit cards is...but credit card debt is not Visa/MC's problem, to be honest. They have zero control of what banks charge for interest on their cards.

The banks have a tricky game to play. Yes, the interest rate is high, but it kinda has to be. Credit card debt is 100% unsecured. Banks wrote off $46 billion in credit card debt in the first 9 months of 2024 alone.

https://www.newsweek.com/credit-card-defaults-skyrocket-americans-unable-pay-their-debts-2007843

The people who use a CC to their benefit are in the “ultra micro minority”
The point was they can take advantage of the major majority of people because there’s no fair market competition.
I bought my wife’s engagement ring on a CC, first purchase I EVER made on a CC.
25-28% interest is criminal imo.

nah. they're not forcing to use one. they're also not suggesting that you don't pay it off.

Yep; AMEX security is FAR better than any bank(mine is PNC). Customer support is best in the financial services industry.

True, but if they know their profit is 50% (or a bit higher as admitted by Visa) they know what is ultimately owed to them by the banks using their service. Not saying they set rates, etc, but they KNOW their business numbers. Credit card debt isn't their problem, it is their business. Ours is payed off monthly, so we take advantage with an airline card (my wife travels for work, so we get "miles" or however they quantify it now, since they don't go by legs traveled).