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Re: Wow! Sen. Hawley to MC/Visa
[Re: TexasHuntress]
#4277895
01/31/25 09:13 AM
01/31/25 09:13 AM
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Joined: Nov 2020
Posts: 1,381
North Alabama
Hammertime7v2
8 point
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8 point
Joined: Nov 2020
Posts: 1,381
North Alabama
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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.
Professional Smart Alec
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Re: Wow! Sen. Hawley to MC/Visa
[Re: Hammertime7v2]
#4277898
01/31/25 09:18 AM
01/31/25 09:18 AM
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Joined: Feb 2014
Posts: 4,602
miss'ippi state
donia
10 point
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10 point
Joined: Feb 2014
Posts: 4,602
miss'ippi state
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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)
Last edited by donia; 01/31/25 09:25 AM.
experience is a freakin' awesome teacher....
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Re: Wow! Sen. Hawley to MC/Visa
[Re: Mbrock]
#4277904
01/31/25 09:24 AM
01/31/25 09:24 AM
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Joined: Apr 2007
Posts: 14,142
Over yonder
extreme heights hunter
Booner
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Booner
Joined: Apr 2007
Posts: 14,142
Over yonder
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The spittle on his lips makes it hard to watch. Much better to play it and walk away from the phone. 😂
But yes he throws it to them. glad to see i`m not the only one that is slightly on the spectrum when it comes to stuff like that.
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Re: Wow! Sen. Hawley to MC/Visa
[Re: donia]
#4277921
01/31/25 09:51 AM
01/31/25 09:51 AM
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Joined: Dec 2001
Posts: 14,175
AL
hunterbuck
Booner
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Booner
Joined: Dec 2001
Posts: 14,175
AL
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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) 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
"You think I care? Roll Damn Tide"
Have you tried Google?
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Re: Wow! Sen. Hawley to MC/Visa
[Re: TexasHuntress]
#4277929
01/31/25 10:15 AM
01/31/25 10:15 AM
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Joined: Dec 2002
Posts: 12,584
Kennedy, al
globe
Booner
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Booner
Joined: Dec 2002
Posts: 12,584
Kennedy, al
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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.
Everything woke turns to shucks
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Re: Wow! Sen. Hawley to MC/Visa
[Re: globe]
#4277933
01/31/25 10:26 AM
01/31/25 10:26 AM
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Joined: Mar 2009
Posts: 7,944
lower shelby county
XVIII
14 point
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14 point
Joined: Mar 2009
Posts: 7,944
lower shelby county
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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.
A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed.
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Re: Wow! Sen. Hawley to MC/Visa
[Re: SC53]
#4277934
01/31/25 10:27 AM
01/31/25 10:27 AM
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Joined: Jan 2001
Posts: 12,317
Birmingham
wew3006
Booner
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Booner
Joined: Jan 2001
Posts: 12,317
Birmingham
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A credit card is what gets me several airline tickets a year at a cost of around $100. All ya got to do is pay it off every month and it’s free money. Yep. Just have it set up to automatically be paid off from your checking account every month. Same as a debit card but with better security in my book. Yep; AMEX security is FAR better than any bank(mine is PNC). Customer support is best in the financial services industry.
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Re: Wow! Sen. Hawley to MC/Visa
[Re: hunterbuck]
#4277938
01/31/25 10:37 AM
01/31/25 10:37 AM
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Joined: Feb 2014
Posts: 4,602
miss'ippi state
donia
10 point
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10 point
Joined: Feb 2014
Posts: 4,602
miss'ippi state
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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. 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).
experience is a freakin' awesome teacher....
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