End of Credit Card Rewards? [The Credit Card Competition Act]

[Takumi]

There's a lot of "just stop being poor!" in this thread.

[HighwayStar]

Like what?

I wouldn't imagine it's all that easy to get approved for new lines of credit when you've been laid off. ("And what is your expected monthly income? $0? I see.") And I also don't imagine it's all that good an idea when you depend on your car to get to work to have to wait for the bank's Bow Tie Wearing department to pass your application upstairs to the Hastily Applying Rubber Stamps department, so they can send it over to the Cocaine Snorting department, and from there to the Pinstripes Department...

Banks don't work anything like that.
Your goalpost has moved to X emergency plus no job. That is different than X emergency which must be partially financed with credit, for that there are many options, home equity loans, title loans, credit union offerings, and numerous fin-tech type loans that have emerged in the last 20 years.
Without a job a new line of credit is hard to get, for good reason, you need income to make payments.

And again none of this changes the fact that a credit card is a poor way to borrow money. It is what it is.

[Scott5114]

Like what?

I wouldn't imagine it's all that easy to get approved for new lines of credit when you've been laid off. ("And what is your expected monthly income? $0? I see.") And I also don't imagine it's all that good an idea when you depend on your car to get to work to have to wait for the bank's Bow Tie Wearing department to pass your application upstairs to the Hastily Applying Rubber Stamps department, so they can send it over to the Cocaine Snorting department, and from there to the Pinstripes Department...

Banks don't work anything like that.
Your goalpost has moved to X emergency plus no job. That is different than X emergency which must be partially financed with credit, for that there are many options, home equity loans, title loans, credit union offerings, and numerous fin-tech type loans that have emerged in the last 20 years.
Without a job a new line of credit is hard to get, for good reason, you need income to make payments.

And again none of this changes the fact that a credit card is a poor way to borrow money. It is what it is.

Changing the goalposts?

Also...  Never have a major mechanical failuire on your car.  Never get laid off.  Never require a long hospital stay.  Etc.

A credit card is still a poor way to finance any of those things unless it has a low intro rate or something like that. Emergencies like that are better funded through other types of credit.

Also...  Never have a major mechanical failuire on your car.  Never get laid off.  Never require a long hospital stay.  Etc.

A credit card is still a poor way to finance any of those things unless it has a low intro rate or something like that. Emergencies like that are better funded through other types of credit.

Also...  Never have a major mechanical failuire on your car.  Never get laid off.  Never require a long hospital stay.  Etc.

A credit card is still a poor way to finance any of those things unless it has a low intro rate or something like that. Emergencies like that are better funded through other types of credit.

Also...  Never have a major mechanical failuire on your car.  Never get laid off.  Never require a long hospital stay.  Etc.

A credit card is still a poor way to finance any of those things unless it has a low intro rate or something like that. Emergencies like that are better funded through other types of credit.

And again none of this changes the fact that you have poor reading comprehension. It is what it is.

[HighwayStar]

There's a lot of "just stop being poor!" in this thread.

I'm not seeing that.

I think we can all acknowledge that some people are truly dealt such a bad hand that no amount of good financial practice would help.
But we can also acknowledge that many/most people are not particularly good with finances, and more than a few are simply terrible at it.

I'm not the biggest Dave Ramsey fan in the world, some of his debt avoidance advice is a bit questionable, but the old fashioned American approach of hard work and thrift is a good one.

[Scott5114]

Ever notice how the people who preach hard work as a cure for all ills are the same ones who benefit more than you do from you working hard?

[kalvado]

Ever notice how the people who preach hard work as a cure for all ills are the same ones who benefit more than you do from you working hard?

I, for one, never assumed that working hard is an answer for anything. Working smart may help.

_{So someone working hard means one less competition....}

[HighwayStar]

Ever notice how the people who preach hard work as a cure for all ills are the same ones who benefit more than you do from you working hard?

I, for one, never assumed that working hard is an answer for anything. Working smart may help.

_{So someone working hard means one less competition....}

The two are not mutually exclusive. Most highly successful people do both.

[formulanone]

Ever notice how the people who preach hard work as a cure for all ills are the same ones who benefit more than you do from you working hard?

I, for one, never assumed that working hard is an answer for anything. Working smart may help.

_{So someone working hard means one less competition....}

The two are not mutually exclusive. Most highly successful people do both.

Gonna stick my neck out that the empty and overused phrase "work smarter, not harder" doesn't actually do anything in and of itself.

[Takumi]

Ever notice how the people who preach hard work as a cure for all ills are the same ones who benefit more than you do from you working hard?

Eh, I just put it down as one more bad take from someone who's full of them.

[hbelkins]

I can relate to a lot of what's being said here. I have wracked my brain the last 10 years trying to figure out how to make some extra money, without any luck. I'm basically a dinosaur with my skill set. 30 years ago I was able to pick up a little extra cash by writing resumes, doing typesetting, etc., but now that everyone has a computer with resume-writing programs, spelling and grammar checkers, etc., who needs those services? It's frustrating. And since I don't have the aptitude or the physical skills for home repair, car repair, etc., I end up having to pay anytime I need those services done.

[triplemultiplex]

Must be pretty fucking nice to have the luxury of paying off your CC every month.

It's not hard.  Just don't spend more than you would if you were using cash for everything.

Gee, why didn't I think of that? ...
Guess I shouldn't have gone and bought that extravagant replacement part for my vehicle that lets me use it for something other than a lawn ornament.

When I refied my house around 2011 to take advantage of lower rates, I added to the loan enough money to pay off my CC debt, and said never again.  12 years since; I've never carried a balance on a CC.

This might as well say, "I just sold one of my vacation homes to pay off my credit card" to those of us priced out of owning real estate.



Look, man, you live on a budget and there's an unexpected expense.  Then right when you've about got that paid for, there's another unexpected expense. You can try and build up a buffer to accommodate that type of thing, but shit happens.  And sometimes that involves putting something large and necessary on a credit card that takes several months to pay down.

So I find the whole "I pay off my credit card every month, and you're doing something wrong if you're not," thing to be dripping in the ignorance of privilege.

[HighwayStar]

I can relate to a lot of what's being said here. I have wracked my brain the last 10 years trying to figure out how to make some extra money, without any luck. I'm basically a dinosaur with my skill set. 30 years ago I was able to pick up a little extra cash by writing resumes, doing typesetting, etc., but now that everyone has a computer with resume-writing programs, spelling and grammar checkers, etc., who needs those services? It's frustrating. And since I don't have the aptitude or the physical skills for home repair, car repair, etc., I end up having to pay anytime I need those services done.

There is still a market for resume skills, since merely possessing a computer does not make most people good at crafting them.

[vdeane]

Must be pretty fucking nice to have the luxury of paying off your CC every month.

It's not hard.  Just don't spend more than you would if you were using cash for everything.

Gee, why didn't I think of that? ...
Guess I shouldn't have gone and bought that extravagant replacement part for my vehicle that lets me use it for something other than a lawn ornament.

As I mentioned, I approached the comment from the perspective of people racking up a ton of debt because they can't "see" the money they spend, not people living paycheck to paycheck who use that to float an expense that they don't have the cash for.  Although interest rates on credit cards are so high that my frugal nature might balk anyways.  I am the person who kept paying student loans when unemployed with no income to keep the payments from increasing once I got reemployed, after all (good thing I did, finances were tight by my standards the first couple years after).  Fortunately I've never been in that situation, so it's hard to say how I'd handle it if I were.

[Rothman]

Must be pretty fucking nice to have the luxury of paying off your CC every month.

It's not hard.  Just don't spend more than you would if you were using cash for everything.

Gee, why didn't I think of that? ...
Guess I shouldn't have gone and bought that extravagant replacement part for my vehicle that lets me use it for something other than a lawn ornament.

When I refied my house around 2011 to take advantage of lower rates, I added to the loan enough money to pay off my CC debt, and said never again.  12 years since; I've never carried a balance on a CC.

This might as well say, "I just sold one of my vacation homes to pay off my credit card" to those of us priced out of owning real estate.



Look, man, you live on a budget and there's an unexpected expense.  Then right when you've about got that paid for, there's another unexpected expense. You can try and build up a buffer to accommodate that type of thing, but shit happens.  And sometimes that involves putting something large and necessary on a credit card that takes several months to pay down.

So I find the whole "I pay off my credit card every month, and you're doing something wrong if you're not," thing to be dripping in the ignorance of privilege.

Ok, but it doesn't seem like you know the solution to your financial situation...otherwise you would have implemented it, right?

[Scott5114]

Unfortunately, "robbing a bank" is illegal for some reason.

[Rothman]

Unfortunately, "robbing a bank" is illegal for some reason.

So...not a solution, then.

[Scott5114]

Unfortunately, "robbing a bank" is illegal for some reason.

So...not a solution, then.

It is if you're not a coward.

[kalvado]

Unfortunately, "robbing a bank" is illegal for some reason.

So...not a solution, then.

It is if you're not a coward.

You just have to name it properly.
Housing is a human right. Money are essential for human existence.

[formulanone]

Unfortunately, "robbing a bank" is illegal for some reason.

So...not a solution, then.

It is if you're not a coward.

You just have to name it properly.

What if you name it like this?

(filed under "could be from the Grand Theft Auto videogame series, but is not")

[hotdogPi]

I mentioned in the "$10 and under" thread that Uno now has a 2.5% "CC TRANS FEE" (which is a credit card transaction fee, not a fee for being trans). I paid cash, so I didn't pay it. Massachusetts law says the maximum difference allowed is 4%, and I believe this is the first restaurant I've seen that isn't the full 4% and also the first one by a chain. Hopefully this means that their menu prices will remain constant for longer, as they consider this their price increase.

Yesterday, I went to a place in Lincoln MA. They had a "hospitality fee" of 3%. It applies to everyone. Unlike the credit card fee, this is ridiculous. I've seen a "5% higher" sign at the door elsewhere, but you know that walking in, it's basically "it's simpler to apply a flat increase than update the menu". This hospitality fee is hidden at the bottom of the menu, and that page of the menu isn't on the outside of the building where they display their menu. I had no idea I was going to pay it until I saw the check. And yes, I paid cash and still had to pay it.

[jeffandnicole]

I mentioned in the "$10 and under" thread that Uno now has a 2.5% "CC TRANS FEE" (which is a credit card transaction fee, not a fee for being trans). I paid cash, so I didn't pay it. Massachusetts law says the maximum difference allowed is 4%, and I believe this is the first restaurant I've seen that isn't the full 4% and also the first one by a chain. Hopefully this means that their menu prices will remain constant for longer, as they consider this their price increase.

Yesterday, I went to a place in Lincoln MA. They had a "hospitality fee" of 3%. It applies to everyone. Unlike the credit card fee, this is ridiculous. I've seen a "5% higher" sign at the door elsewhere, but you know that walking in, it's basically "it's simpler to apply a flat increase than update the menu". This hospitality fee is hidden at the bottom of the menu, and that page of the menu isn't on the outside of the building where they display their menu. I had no idea I was going to pay it until I saw the check. And yes, I paid cash and still had to pay it.

I don't go to Uno's often, but did this weekend. Not only was I surprised at the fee, but actually a little surprised that it was lower than I've seen elsewhere.

In The Fairly competitive world of casual restaurants where Uno's isn't really a huge player to begin with, they're going to have to be careful this little fee doesn't turn away more customers then it's worth.

[wanderer2575]

I mentioned in the "$10 and under" thread that Uno now has a 2.5% "CC TRANS FEE" (which is a credit card transaction fee, not a fee for being trans). I paid cash, so I didn't pay it. Massachusetts law says the maximum difference allowed is 4%, and I believe this is the first restaurant I've seen that isn't the full 4% and also the first one by a chain. Hopefully this means that their menu prices will remain constant for longer, as they consider this their price increase.

A family-style restaurant near me imposed a 3% credit card fee for awhile.  It didn't last long, maybe a few months.  I'm guessing they lost a noticeable amount of business and/or got loads of flak from it.

Yesterday, I went to a place in Lincoln MA. They had a "hospitality fee" of 3%. It applies to everyone. Unlike the credit card fee, this is ridiculous. I've seen a "5% higher" sign at the door elsewhere, but you know that walking in, it's basically "it's simpler to apply a flat increase than update the menu". This hospitality fee is hidden at the bottom of the menu, and that page of the menu isn't on the outside of the building where they display their menu. I had no idea I was going to pay it until I saw the check. And yes, I paid cash and still had to pay it.

If I had seen it on the menu, I probably would have walked out.  The higher total price isn't what bothers me; I get it that their costs are increasing and I would rather they raise prices as needed to keep the same quality instead of holding the prices and cutting the quality to the eventual point that I'm wasting my money and won't go there again.  What bothers me is the nickel and diming, and hiding it in half-point font at the bottom of the menu as you said.  Just tell me the f****** price, everything included.

[SectorZ]

I mentioned in the "$10 and under" thread that Uno now has a 2.5% "CC TRANS FEE" (which is a credit card transaction fee, not a fee for being trans). I paid cash, so I didn't pay it. Massachusetts law says the maximum difference allowed is 4%, and I believe this is the first restaurant I've seen that isn't the full 4% and also the first one by a chain. Hopefully this means that their menu prices will remain constant for longer, as they consider this their price increase.

Where did you find out that 4% thing? As far as I know, from looking at Mass General Laws still in effect plus other news stories that are from 2023, any credit card surcharge in Massachusetts is against the law.

https://www.telegram.com/story/business/2023/07/25/for-restaurants-in-massachusetts-credit-card-fees-leave-a-bad-taste/70461721007/

This story confirms the irony that a restaurant cannot pass on a credit card fee to customers, but a restaurant paying its meals tax receipts to the state has to pay a credit card surcharge if they choose to pay by that method, because government exempts itself from everything.