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> Every time you use your credit card, the store takes money from you. No, precisely no credit cards work that way. That's why they're called credit cards.
by empthought 9y ago
> Every time you use your credit card, the store takes money from you.
No, precisely no credit cards work that way. That's why they're called credit cards.
- darawk 9y agoThe money is taken from the credit card company, then. The architecture is still pull. You're splitting hairs.
- empthought 9y agoThat's not splitting hairs; that's literally the point of credit cards. It is entirely "push" from my perspective, modulo the minimum monthly payment and tolerance for paying interest and bad credit. If I buy something with a credit card for $2k and have $2k in my bank account, the $2k is still there until I pay the credit card company. It could take years or be paid off immediately. It's not a "pull" at all.
- darawk 9y agoIt is a pull. You bear the costs of fraud whether you notice them or not. The fact that the credit card company hides those costs from you doesn't change the fact that their architecture is broken, and that you are still paying for it by virtue of the fees they charge merchants, which create higher sticker prices for you. Costs like that don't simply disappear into the ether - you, the consumer, pays them.
- empthought 9y agoPrecisely none of that is "Every time you use your credit card, the store takes money from you."
- darawk 9y agoIt's a pull architecture. Pull architecture is wrong, push architecture is right.
- vageli 9y agoEvery consumer who doesn't use credit cards also bears the fees since it is rare to find a merchant that offers a "cash discount".
- darawk 9y agoYa, also true, and good point.