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This is all political theater legwork done just for one family. Upside: poor-person debit card use will not subsidize rich-person credit card fees. Downside:
by agloe_dreams 3y ago
This is all political theater legwork done just for one family.
Upside: poor-person debit card use will not subsidize rich-person credit card fees.
Downside: This does not actually help debit card holders. No business on earth will give Debit Card users a discount, it just will, in majority, bankroll rich company profits, which as we all know, has historically had no difference to consumers.
When wallstreet makes more profits, the profit expectation rises, they never hand it back.
This is just continuing to take from the poor but instead of giving it to one rich company, they are giving it to the other rich company.
The Walton family is excited about this one.
Edit: Ooh this was spicy. Looking forward to the Top of HN study outcome link stating the above.
- jrockway 3y ago> No business on earth will give Debit Card users a discount IKEA has had a debit card discount for at least 10 years.
- deleted 3y ago[deleted]
- agloe_dreams 3y agoAs far as I'm aware, that was only at exactly one store. I have never seen that at any Ikea in the US.
- vel0city 3y agoTarget gives 5% off if you use their "Red Card", which is just a debit card linked to your bank account. Spec's (a liquor store) offers a cash/debit discount.
- lotsofpulp 3y agoTarget is not giving 5% off for any debit card though, which they would have to pay significant fees for. Target gives 5% off for paying with ACH, which Target calls its “Debit Redcard”. You cannot use that Debit Redcard anywhere else, because it is not a debit card in the common vernacular, it is just Target’s way of letting you pay with an ACH transaction.
- agloe_dreams 3y agoRedcard is not Debit.
- resoluteteeth 3y agoThen what is this? https://www.target.com/redcard/debit-card-application https://www.target.com/redcard/debit-card-application
- agloe_dreams 3y agoMarketing using words people understand. It is an ACH payment solution that works like a debit card to the user (Statement: Target-1234: -12.75) but involves zero of the actual debit card issuers or processing systems.
- vel0city 3y agoOne could think of it as a debit account which drafts from a checking account to keep a non-negative balance. With redemming gift cards and returns its possible for a RedCard to have a positive balance.
- twism 3y agoI've been grandfathered in the PayPal business debit card @1.5% cash back for transactions without the PIN had it for some ~15yrs. Lifetime earnings in the 100k range. They just recently nixed the auto backup funding source which makes it a pain to use now.
- twism 3y agoprobably one of the greatest personal financial hacks of all time... you better ask somebody