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The banks will make up for this loss of revenue somehow. Maybe they will spread it out among customers that have not been late. That appears to be the democrat
by tamaharbor 3y ago
The banks will make up for this loss of revenue somehow. Maybe they will spread it out among customers that have not been late. That appears to be the democratic way.
- gnopgnip 3y agoThey are already charging as much as the market will bear
- TuringNYC 3y ago>> They are already charging as much as the market will bear As Telcos discovered, they only advertise a base price. If you ask for the full price you'll owe, they wont tell to you. You'd need to be a lawyer and read the 15 pages of fine print to figure it out. Then, you get stuck in a 2yr contract, get the first bill, and discover all sorts of things like the "Regulatory Recovery Fee" and the "Emergency Surcharge"
- gruez 3y ago>As Telcos discovered, they only advertise a base price. If you ask for the full price you'll owe, they wont tell to you. You'd need to be a lawyer and read the 15 pages of fine print to figure it out. Source? While I agree the advertising doesn't prominently display the all-in price, claiming that you need to be a legal professional to figure it out is a bit hyperbolic.
- anotheruser13 3y agoAlmost makes me long for the days of Earl Scheib's "I'll paint any car any color, no ups and no extras".
- caturopath 3y agoThey aren't suggesting they'll charge appreciably more; they are suggesting they'll charge the same in different ways.
- bmelton 3y agoThe market will only bear so little because there is competition creating a race to the bottom. If all of the credit card providers are to absorb the same hardship, then it is akin to moving the finish line, and the market will bear more because the market will have to.
- CPLX 3y agoOr maybe it’ll come out of the executive golf budget. I’ve never understood why people always argue that we have to allow bullshit fees and overcharging “or else” when there’s clearly plenty of examples of existing waste and inefficiency in every business. Large monopolistic businesses especially so.
- refurb 3y agoHow are credit cards anywhere close to monopolistic?
- bdjsiqoocwk 3y agoHow many firms are there with significant market share? 2? 1?
- refurb 3y agoSetting interest rates and determining fees? The US has more than 4,500 banks. Most of them offer credit cards.
- bdjsiqoocwk 3y agoYes, none of them matter because for 95% of the use case the best are amex or capital one. By your logic you'd also argue that search engines aren't a monopoly because there's tens of them.
- refurb 3y agoI don’t think you understand how the credit card marketplace works. Your comment makes no sense. Visa and Mastercard are the dominant processors. Amex is far behind (but it is both a processor and a bank). But they don’t set card fees and interest rates. The bank that issues cards does. Capitalone is not a credit processor. It’s a bank. Along with Chase, B of A, Citi, US Bank, Wells Fargo, Barclays and hundreds of credit unions. None of the banks has more than a 20% market share. #1, Chase, has an 18% market share. The top 3 only make up 55% of the market. https://www.bankrate.com/finance/credit-cards/credit-card-market-share-statistics/#balance https://www.bankrate.com/finance/credit-cards/credit-card-ma... It’s highly fragmented and very competitive. It is in no way a monopoly.
- TuringNYC 3y agoAh, the "Regulatory Recovery Fee" tactic of telcos
- adamsb6 3y agoThey have two levers, whether or not to extend credit at all and what interest rate to charge.
- Ekaros 3y agoMonthly charge? Less rewards?