Why should banks be allowed to triple dip on credit cards? A) Interest on balances carried over, (at above average interest rates) B) Charge retailers a processing fee. (The fancier the card and the more bonuses the card offers the higher the fee.) C) Cardholders in some cases cardholders pay an annual fee just to have the card.
Retailers don’t like it because the are not allowed to pass the costs on the the consumer…even though the all do anyway.
Personally I do not care about the squabble between banks and retailers these two groups do everything they can to protect their profit margins at the expense of everyone else.
My beef is with the banks and credit card companies.
What gives them the right to charge interest as well as fees?
Then everyone and his mother turns around and fucks the consumer so the wealthy banks can stay wealthy guarding their profits
How would they feel if I said sorry I have to safeguard my income so I will only give you X for those shoes; or I won’t pay taxes anymore because you are impinging on my margins? Sorry your gouging gas prices are really hurting my economy.
It cuts both ways play fair or suffer the consequences.