What Capital One Doesn't Want You To Know

America has a credit card cartel-and it's about to get bigger.
Capital One and Discover want to merge into the largest credit card company in the U.S.
Swipe fees and interest rates will rise even higher, and banks will make billions. This merger must be stopped.
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[@piecesofme8531]

Let's be real. That store owner would NOT be reducing his prices if he could magically get rid of swipe fees.

[@sarkaranish]

exactly, small business owners are some of the most entitled people i have met. they want locals to pay exorbitant prices for their business when the product is mediocre and the owner doesn't want to give back to the community.

[@ooogyman]

He wouldn't lower prices on his own, but if his competitors, who would also get the benefit of lower swipe fees, decided to lower prices, he would be compelled to lower prices as well.

[@LeeHawkinsPhoto]

I’d still rather he get it than do-nothing bankers.

[@christiantabares6713]

I could believe OPs claim. To add onto it, small business owners still conduct business, they're Capitalists too after all. Their labor practices are also put into question via family business not paying certain family members (the young or the children) for instance. Or exploiting immigrant workers. Literal child labor laws. That said, such enterprises, franchises, etc., are microcosms of the similar practices corporations and companies make. Tax write offs, tax loopholes, wage theft, deregulation (legal or otherwise). There is also outsourcing and downsizing, violating laws as a business expense (companies literally put civil fees and the like into their expenses, as paying those fees are less costly to them than actually following laws and regulations. When there is little punishment accountability or payments aside from proportionately small fees, companies are literally incentivized to break laws. We also have the reliance of wage slave to actual slave labor (look at chocolate and cobalt for instance). Often exploiting the Global South by the Global North for centuries. Thats not even getting into anti-union, anti-consumer, disability discrimination and other forms of prejudice (often but not exclusively the implicit kind, see the mock test of higher hiring rates for American and European sounding names over other names despite conteolling for worker xp, qualifications and education etc.), greedflation and keeping prices up despite inflation going down, etc.

[@sarkaranish]

@@LeeHawkinsPhoto That's the opposite of what you should think. Small business owners are MORE greedy and feel more entitled to your money. At least credit cards give us a guaranteed way of getting 1-3% cashback on all purchases.

[@Peterl4290]

Really, banks require more regulation. The entire idea of banking as "let's gamble" is terrifying. Because they discovered in 2008 that the government will always bail them out, there are no repercussions. These bank crisis are so worrisome. This whole financial crisis and the Great Recession posed the most significant macroeconomic challenges for the United States in a half-century, leaving behind high unemployment and below-target inflation and calling for highly accommodative monetary policies. And this is only the beginning!

[@Mrshuster]

Since 2020, the banks have been over-leveraging their assets, which was one of the reasons for SVB's implosion. I have never been okay with keeping much money in the bank. I simply focus on diversified investments through a financial advisor, collect my profits, which I either spend or repeat the process. Never been this comfortable with my finances.

[@larrypaul-cw9nk]

I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.

[@sabastinenoah]

I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?

[@larrypaul-cw9nk]

Her name is “Annette Christine Conte” can't divulge much. Most likely, the internet should have her basic info, you can research if you like

[@sabastinenoah]

Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.

[@sw_k1124]

Thanks for sharing your knowledge. Skills sets are deffinate need for start up. Knowing *Pecuniary backdoors* and re-investing grant profits is key. Tough at times but very doable. Fall in a good time to receive grant and get infrastructure set for a business or home application grant

[@ohiasdxfcghbljokasdjhnfvaw4ehr]

WHY ARE WE STILL ALLOWING GIANT MERGERS! If you already have more than 10% of the market, or are publicly traded, or are worth over 500m, you should be completely disqualified from all mergers and acquisitions.

[@dao8805]

The DOJ and the CFB should have stopped this long ago. The problem is that our government agencies are controlled by corporations including the banking industry. Ending corporate capture of government agencies that are supposed to be protecting us is one of the main reasons I am voting for the only candidate commited to ending it: RFK Jr.

[@garlicgalore]

Nina Kahn is trying to catch up on years of ignoring mergers. She needs to stay at the FTC, hence need to reelect Biden because I doubt Republicans will let her stay.

[@TerrenceSullivan1335]

2/3 of your recommendations are reasonable, but expecting all publicly traded corporations to be banned from acquisitions is never going to be accepted. Not by businesses, not by voters.

[@someguy6075]

Neoliberal economics. Biden is actually the first president in a long time trying to rebuild the antitrust movement in the US but it's been sort of quiet.

[@YourCapyFrenBigly_3DPipes1999]

I know that's right 👍

[@dvdv8197]

"What's in your wallet?" A TRAP!!

[@Zyo117]

[Insert shocked Admiral Ackbar here]

[@blazingfuryoffire1]

Paper bills.

[@ForumArcade]

I don't see what crossdressing has to do with this discussion.

[@paulgermano7837]

​@@Zyo117 IT'S A TRAP!

[@veronicaalleyne]

you mean besides their hand?

[@rcord12]

Don’t give them a cent! Pay your card statement OFF monthly! If you can’t afford to then your living above your means! Start budgeting and only charge what you can afford to pay at the end of your billing cycle each month! If you can’t do that then stop using it!!

[@coye9r]

This. Credit cards are more secure since it's their money. Just avoid an annual fee

[@moebadderman227]

@rcord12 - "Pay your card statement OFF monthly! " I did that, and American Express cancelled my card after a couple of years.

[@wendieghostie]

​@moebadderman227 I've had my amex for almost a decade paying it off every month, what do you mean?

[@helena3631]

This

[@MVK_GS]

I have been paying my cc off monthly without any issues for years. I just live within my means.

[@radicant7283]

That one guy being all like "whoa can you imagine if the grocery stores fixed food prices" when that's exactly what they're doing 🗿

[@ggsilik]

I guess he doesn't live anywhere near where Kroger's got a tentacle in the food market...yet.

[@AndyPhu]

They not fixing food prices. They're just cutting their artificially inflated profit margins from covid.

[@mathgasm8484]

I want to buy more farm land in an underserved area and sell my produce. I mostly produce honey to buy the land and then the other stuff is just gravy.

[@childishlandino7697]

Target and Publix is way worse than Walmart where I live

[@Inbal_Feuchtwanger]

Thats just populist nonsense with absolutely not credible source supporting that claim. Grocery stores never prices gouged and you can look at their income statements to see that for yourself. WMT, COST, KR, ect are all on razor thin margins usually around 2-3% and that hasnt changed. This stuff isnt even rocket science either, just look at COGS[Cost of goods sold] relative to revenues and you can even see that they have kept strongly correlated with eachother. Put simply, grocery stores have been paying more for food and that gets passed along to you. Dont believe everything you read on the news and social media, they dont care about giving you the truth. They will say whatever gets you to click, and people just want to hear negative things.

[@sinan_3384]

If you’re using credit cards for large transactions with a goal of paying it off over time because you can’t afford it at the time of purchase, you’re using credit cards incorrectly I’m afraid.

[@meee2014]

im a registered nurse, and when talking with my coworkers, some have quite a bit of savings, invested into retirement or stock market, and some are drowning in credit card debt. why, we all make roughly the same amount of money? the only logical explanation is one type of people know how to handle money well and the other dont and are impulsive.

[@sinan_3384]

@@meee2014there has to be personal responsibility involved. Yes credit card companies may use tactics to get people into the debt but it’s no different than gambling websites and casinos. Can’t just yell “credit card companies bad!” When millions of people use them responsibly

[@harrymagooslum5770]

Retail therapy is like a drug addiction. I still spend like I’m broke yet I’m not. Why am I not??? Because I don’t spend if I can at all help it. I fix my car myself when I can find a KZbin video that shows me how… even if I have to buy or rent tool or two to do so, if it saves me money. Btw, I do have Capital One in my wallet and I put absolutely everything possible including my bills on it. I think that only one charges me a fee by using a credit card. Yet I get 2% back. Yeah, they all probably get charged 3% but I don’t think that they would pass the savings back to me. The CEOs would simply pat themselves on the back and pay themselves more. I do pay off my credit card each and every month because I will go without rather than paying a high interest loan.

[@droma2366]

Unless, unless it's a 0% interest card for signing up. Im paying off a $4,000 Sony TV at my own pace for next 24 months.

[@K4R3N]

My buddy bought a house, new truck, motorcycle and had his kid in private school. I knew he didn't make a lot but I was happy for him. Then he calls me 6 months later says he's losing everything. I dug into a little and turned out he was maxing out credit cards about $40k+ in cc debt. I yelled at him "that's not how you're supposed to use credit cards!" He was living a lifestyle he couldn't afford.

[@revitalcohen558]

I stumbled across your video and instantly knew this was made for me. I'm going through the same thing with my business but just knowing that I'm not the only one who's experienced this just pushes me to go harder. Continue to put out informational content and sharing your story, THAT is what separates you from the rest. Much gratitude sir and *Pecuniary backdoors* was so helpful during the process of boosting my credit.

[@yurareigiryu]

Lowering swipe fees makes sense if retailers lowers price of goods in turn, but Walmart or BP or Atlas have no intention of passing on those savings.

[@wasd____]

There's literally no savings to pass on, at least not directly from swipe fee reduction. Merchants are prohibited from passing on the fees to customers, it's just an extra chunk coming out of their bottom line that they can't do anything about. That said, yeah, huge corporate merchants are definitely profiteering and then blaming it on 'supply chain' or 'cost of labor' expenses they can easily afford, so they should be called to task on those BS excuses and made to lower artificially high prices for _other_ reasons, but they could do it without swipe fees changing so it's kinda unrelated.

[@ctcristo]

@@wasd____ what you just said made zero sense. "just an extra chunk coming out of their bottom line" - e.g., WMT's profit. and yet, "there is no savings to pass on", guess just more profit for WMT.

[@xant8344]

@@wasd____ This isn't possibly true even if it's the written rule

[@this_epic_name]

In the vast majority of cases, the absolute amount an individual consumer would gain from those savings is relatively paltry. The sin in all this is that the death by a thousand cuts adds up to a hefty sum, and that hefty sum goes predominantly to two companies. Split out among *all* consumers, it's not that much. But at the company level, the absolute amount of fees charged adds up to a substantial pile of cash that a business could use to grow and innovate (and hire more people). That's the "wealth transfer" the analyst in the video was talking about. It's a giant suck from entrepreneurs and small business owners, with piles of cash being hoovered up and doled out to CEOs, shareholders, and banks. If that money were to stay in the hands of small businesses, their ability to expand, hire more people, and generate more wealth would increase.

[@addanametocontinue]

Swipe fees are so minimal, it wouldn't be noticed even if companies did return those to us.

[@AmandaDavid-nb3kr]

How do most of you guys still make profit, even with the downturn of the economy and also increasing life standards?

[@helenmike4763]

Well, I picked the challenge to put my finances in order. Then i invested in cryptocurrency, stocks, through the assistance of my discretionary fund manager

[@HidalgoTanner]

This is correct, Beatrice's strategy has normalized winning trades for me also and it's a huge milestone for me looking back to how it all started..

[@kathrynkathryn2571]

Beatrice O Wendy is considered a key Crypto Strategist with one of the best copy Trading Portfolios and also very active in the cryptocurrency space.

[@HarmonyGodson]

​@@kathrynkathryn2571Please educate me. I've come across this name before. Now I am interested. How can I reach her?

[@kathrynkathryn2571]

​She's mostly on FACE-BOOK , using the user name 👇.

[@RobertDean-x5e]

Why are they allowing up to 30% interest ?? The cap used to be 18% These companies are worst than LOAN SHARKS !!!

[@tommybotts]

Why are they allowing up to 30% interest ?? Answer: Campaign contributions.

[@jmg7825]

You can when there is demented guy in office, his nickname is senator MBNA.

[@chadheese2103]

18% is the max for federal credit unions, as they are regulated by the NCUA.

[@flyer3455]

30% interest is a result of an increase in the prime rate.

[@Hotdryandsunny]

@@flyer3455 The consumer is allowing up to 30% interest. Don't borrow the money if you feel the interest is too high. Simple solution.

[@hisbigal]

I’ve stopped using credit cards about 15 years ago. If I can’t afford it, I don’t buy it. It’s sometimes rough to live within one’s means, but I also don’t like enormous debt.

[@trainluvr]

I want to use cash but most places don't give a cash discount. Some don't even want cash and won't accept it. I take my business elsewhere when I find that.

[@MuzicTunes-lk6np]

Simple solution, pay the whole balance every time the bill comes in. That way, you never pay interest ever. Plus, make sure the credit card doesn't charge an annual fee.

[@ChickenMcThiccken]

people with money ; dont need credit cards. credit card was made for "poors" to have "imaginary" feel of "prosperity" . when in fact its there to keep you "stringing along". to always "owe"

[@z0ffi928]

@@ChickenMcThiccken people with money actually use credit just as much as poor people lol. At the end of the day if you just use it like a debit card (if you dont have enough for it for cash you dont buy it on credit) you will be just fine. Stop making big purchases you cant afford then ending up paying double for that 1000 mistake.

[@nickv4073]

Thank you for subsidizing my cash back rewards

[@generictester]

Hey Business owner, why cannot you provide cash payment discounts as gas stations do? I would gladly pay in cash or cash app.

[@fireteamblue]

Because they are already losing this money why pass savings on?

[@SamuelDancingGallew]

Apart from having effectively no significant profit margins that would be gained due to the volume of people paying cash, I have no idea.

[@VigneshBalasubramaniam]

CashApp has fees too

[@lukeonuke]

As a eastern european busniess owner i gladly accept cash, but discurrage it for big transations cus of the saftey risk of lugging arround a briefcase of cash

[@callumBee]

Cash also costs, managing it, processing it, loss due to theft or staff miss changing etc etc. Costs just as much if not more unless you are doing it all under the table.

[@JiaDhillon-g9h]

This man spends hundreds of thousands of time just to help us. He helps those in need while also helping us. He always puts a smile on our faces and we should appreciate it. Hats off to Him! I love you dude. Crazy I've never payed attention to the *Pecuniary backdoors* on the internet movement when I say ancestral your a gift to our people

[@kikidee9623]

The store owner putting out that belief that if swipe fees didn’t exist that would have been more money that they would be able to pay their employees. Who does he think buys that line anymore?

[@JerryDSM]

Yeah the second he said that I said BS. You’ll make take all of it.

[@JhanDeCal]

As a small business owner who paid credit card companies $2000 to $3000 a month, I ended up cutting my workforce and doing less upgrades to my business every year while taking home less.

[@Firefenex1996]

​@@JhanDeCal I'm genuinely curious about the finance part. Based on your numbers your business has 100k a year in transactions? How much of that 100k goes to materials and other operational expenses outside of paying people?

[@JhanDeCal]

@Firefenex1996 Rent was >$25000 a month, utilities was $2500 to $3500 a month. Half of sales were used to restock. After Covid, I cut my work force 1/4....hoping to re hire afterward. But the rate of Credit Card use went feom 1/3 of sales to over 1/2. Could not re hire the workers and ended up working 14 to 16 hours 6 to 7 days...depending on my Bro in Law's schedule. So glad I am done with small business.

[@Firefenex1996]

@@JhanDeCal dang. 25k for rent is crazy for a small business. A company I worked foe paid 25k a month for a 70 person office in the heard of downtown Portland. Thanks for the info!

[@HRMColoniallifeinsurance]

The distress for banks was a farce; what we have experienced in the past 2 years is a result of a system that has worked incredibly well. The Fed just had to tighten credit to cool the economy.

[@EricaWaters-lr6zw]

What about the Fed lending program for banks that was said to ease financial tensions after the domino effect from Signature and Silicon Valley bank?

[@HRMColoniallifeinsurance]

Yeah, that sufficed, but what really helped the economy was rising immigration that helped even out the mismatch between open jobs and people looking for work.

[@LeahLewis-ny9iu]

I agree. Rising productivity is manna for central banks, allowing faster growth without inflation because each hour of work yields more goods and services at the same cost.

[@WhitneyRoss-dj4rf]

I’m indifferent. All I really do care about is what assets and securities will drive the Santa Rally? It is upon us, folks. I have a $100k portfolio, and I have a friend who has grown theirs to over 30% with the recent rallies. He is up 4% this month alone!

[@HRMColoniallifeinsurance]

I might sell to the tune, but not without the approval of my broker as usual since 2022. With eyes and ears on Wall Street, I have raked in 140% on a managed portfolio currently worth $315k run under a hedge fund by Desiree Ruth Hoffman.

[@matheusreyes650]

Ive been watching you since I was 16/17 and im now 24. I’ve built a 822 credit score, emergency fund, retirement funds, debt free (other than full paid off monthly cards) and I’m saving for a house. All thanks to your videos. Big thank you to you *Pecuniary backdoors*

[@connied8507]

Some stores are starting to refuse cards. Their prices are usually lower.

[@Golflegend410]

@@ahunt1054That’s really interesting. I had thought that it was because stores got sick and tired of scammers. This is why I’ve been using only cash at gas and convenience stores for years now

[@trashcatlinol]

I worked at a store where they reluctantly had a card reader. At the time, every charge costed the store $.25 . And the charge doubled while I was there. They were already turning down card purchases for less than $1 as they lost money because the profit margins on those items were so low. The owners retired a year or two after the increase. No clue how the owners system works, but I bet the fees are a lot worse now. And you couldn't not have an option to pay by card because so few carry cash.

[@matthewsanchez7953]

I worked for a grocery chain who refused to take credit cards due to the fees. They were (and still are) the cheapest and most profitable chain in the area.

[@Debate_everything]

@@ahunt1054 I don’t think this is the right answer. I think this drives customers away from your business, especially when the mass percentage of your customer base is going to swipe a card. You’re going to lose the business. I personally wont shop at places that want to add fees to use a card.

[@VideoGameStarChannelSupreme]

And there's others that are going cashless.

[@AccountWithDumbThoughts]

“I’d have $630k more to pay our team members” 1) it most likely would just reduce the cost of consumer goods without those fees. 2) Even if that did boost profit margins, don’t pretend like you’re paying out bonuses.

[@donluismunasque5556]

Good points. Credit cards also encourage people to spend. He would probably not turn over as much inventory if it were just cash. He would also need to pay more to manage his cash.

[@DarkePacific]

@@donluismunasque5556 Yeah but they ultimately entice people to spend money that they don't have and ultimately cause the cost of products to be more if you factor in interest and fees. Without credit cards people would actually have more money to spend they would just have a harder time binge spending. Thus I think if everyone used debit cards instead of credit cards businesses would still see the same amount of transactions and money spent.

[@DarkePacific]

Even if he didn't spend the 630K on his employees, if credit card fees weren't a thing, then the price of all good could effectively go down, and the employees would essentially still get a 2-3% raise since everything they needed to buy anywhere would now be cheaper.

[@waynelast1685]

I think he would share some of the cost reductions with his employees, improve his store operations, reduce cost increases to customers, and keep some extra profits.

[@user-nu8in3ey8c]

@@waynelast1685 We really have the copy and paste on overdrive over here. Those reduced costs would only be passed on to customers and workers if competitors forced him to. Business owners are trying to make as much profit as possible, this means keep costs(wages, utilities) as low as possible and prices as high as possible. It is only when other businesses start competing for his customers or his workers that he would lower wages or raise prices.

[@tararochford1737]

If he is paying $630K in swipe fees his top line sales are between $20-30 million. It is not an obstacle to paying his team a decent wage.

[@mcznbd234]

That's actually what I thought when I calculated it out.as well. Making $30,000,000 in sales and only paying $630k for them to process all of the transactions for the whole year isn't a whole lot and I doubt if all of that money was just given back to them that they'd decide to lower prices or increase their employee's wages

[@caledon66]

If he's paying over 600000 in swipe fees, he's not a victim. He's an idiot. Every company I shop with passes those small fees on to the customer. Maybe he needs to go back to buisness school.

[@Demopans5990]

​@@caledon66 Processers prohibit vendors from passing the cost of transaction along. It is also one of the rules that most small business owners ignore, albeit indirectly. Minimum credit card spending limits, and a "surcharge"

[@Tb0n3]

​@@Demopans5990They only prohibit charging more for credit card use. If you raise the price for everyone especially in a business where everyone uses a credit card it's not an issue. If you look at a lot of gas stations they have a credit card price anyway so it's unenforced.

[@supernova743]

​@Demopans5990 even if its not directly youre paying through higher prices at the vendor.

[@gordonadams5891]

I was paying off a card debt. I made a 6¢ mistake and the interest charged was almost $2! Why? Interest is calculated on the entire amount as of the posting date.

[@MahHairChronicles]

Usually, if it is the only mistake you have made, you can call and have the fee waived. But the fact that they will automatically charge you that fee on a six cent mistake, in the hope that you don't contest and they pocket the money, says volumes.

[@drrocketman7794]

I quit the credit card scam when a $4 mistake made because my bank intentionally gave me incorrect balance to data got me $178 in charges against me when I had no food.

[@bradjbourgeois73]

It's calculated daily on the entire amount if you don't pay the entire balance. I thought they would just charge interest on the amount of the balance I didn't pay off... boy was I ever wrong! The charge was 156% higher than I expected!

[@chiarac3833]

Yes and don't ever mess up on one of those interest free over time cards. They're great as long as every dime is paid by the date. If not, you're paying interest on the whole amount from day 1 at like 30%. Imagine...

[@Aaron565]

Yes it just as easily could be interpreted as a predatory contract. Id sue in small claims.

[@DougUnfunny]

reminds me of activation fees from cell phone carriers. It litteral takes seconds for phone line to be activated and deactivated. Nobody is climbing a phone poll to activate your number. Its a been set up already. The info gets sent to phone server which most likey automated to activate or deactivate. No person is paid manually activate the line. its like flipping on a switch is so easy yet they want to charge a fee.

[@MaximilianOOO491]

They were robbing us and it was legal to do so.

[@RAJOHN-ke7mc]

You're paying for the labor. Im.going to activate my own phone so I don't have to pay a fee

[@MaximilianOOO491]

@@RAJOHN-ke7mc 🤣 and they literally just push a button. What labor? 🤣

[@salvacionstapletoncaquilal3653]

I just wanted to say thank you for sharing this. Because you're right. The worst thing that you can feel is hopelessness. And I hope that someone who is on the verge of losing hope finds *Pecuniary backdoors* and realizes that as long as you're still alive and breathing, there's a chance, there's HOPE that the future is brighter then the present day.

[@mariusfacktor3597]

Paying in cash should be cheaper than swiping a credit card. Otherwise you are making cash payers (typically poorer) subsidize credit card rewards (typically richer). There should be a law that credit card fees are added to the receipt at POS so the customer can see how much more they are paying.

[@jackxu02140]

Absolutely the cash-paying customer subsidizes; however, what you are proposing is exactly what society demands against. We want all inclusive pricing and not having a X% fee added at POS. Also, within a payment network itself, there's different interchange fees based on the card tier (eg VISA has vanilla, signature and infinite). If a customer asks why its different if they used different cards, no chance store employees wants to deal with that. Capping fees also won't work as stores have no incentives to lower prices unilaterally. Realistically, there's only two ways: 1) Merchants offer cash-paying customers a discount, if they so choose. 2) Americans needs to obtain financial literacy. Don't buy what you can't afford; pay off your card in full, on-time each month; play the CC game by hunting for cards with the best cashback in your highest spend categories.

[@deanmbrunk1]

Cash has a cost too though. Physical storage. Fees to the armored car carriers. Not disagreeing either you but cash isn’t without its costs either.

[@mariusfacktor3597]

@@jackxu02140 If swiping a card incurs a $2.04 fee then the screen should notify the customer that a $2.04 fee will be added. I'm saying that should be a law. All stores probably want to do this so they can charge lower prices, but no individual store can single out credit cards without customer backlash. That's why a law would be a good solution. A Karen can't berate an employee when they have no control over the law.

[@mariusfacktor3597]

@@deanmbrunk1 Good point. I think if consumers knew they were hit with a fee for every credit card swipe, there would be pressure to lower credit card swipe fees. It's ridiculous that Visa or Mastercard can get 3% of all our purchases. All they do is an electronic financial transaction which is as easy as sending an email, which we all do for free because its cost is so negligible.

[@thatoneguy94512]

Most places bake in the CC fees whether you pay with one or not. If you're not using one and getting rewards, you're subsidizing others who are

[@KarrennCoffey]

I was a small biz owner. What I never could come to grips with was, why am I paying a fee to conduct the banks business. Not to mention having to lease the terminal to transmit their data...

[@jerrylundegaard2592]

Actually you do have to conduct the bank's business or lease that terminal. That is just a cost to do business which you can choose or not choose. Of course if you do not you will restrict your customer base to cash paying folks.

[@KarrennCoffey]

Coercion at best...

[@romeosmith4102]

Convenience for your customers considering they are making money off a simple swipe due to interchange.

[@SamSheffer117]

@@jerrylundegaard2592 mob mentality right there. You don't have to use our services that are clearly designed to take advantage of you. But if you don't, no one will buy your product!

[@sarkaranish]

Because handling money costs more entirely. There's the possibility of money getting stolen, miscounted, then there's fees for transferring money. Money is a LIABILITY, and costs MORE than credit cards. Credit cards offer customers convenience, while offering businesses safety as they handle less cash, faster transactions, and are CHEAPER than regular cash overall. It's a privilege, not a right, to accept credit cards.

[@grayisgood]

I live on disability. I use credit cards. I get cash back. I don't spend more than I can pay off at the end of the month and pay my bills off in full every month. I am making money by using cash back credit cards. You are not obligated to make poor decisions that are going to waste your money and potentially fuck your life up. You can choose instead to use the cards wisely. It's not hard. What has happened to maturity and responsibility? Everyone is like an uncontrolled child these days, and seem to believe they're supposed to be. What? Me responsible for my own choices? NO! My behavior is YOUR fault. I'm not defending the wealthy corporations that fuck us over every single day of our lives, I wish we would make wise voting choices and elect politicians who would do something about it. That would require mature responsible voting decisions from the masses so, you know. This entire concept that is prevalent these days that we are not responsible for our own choices is really leaving us totally vulnerable to being totally fucked over by anyone who wants to take advantage, and they are. You, me, each of us is responsible for our own choices and the consequences of those choices. Grow up.

[@w8what575]

Problem with the voting suggestion is…they’ll say whatever it takes to get elected but they aren’t held to what they promise during their campaign…that’s what needs to be changed…hold them responsible for what they promise and without reasonable explanation for failing to fulfill those promises, they should be held accountable for lying and exploitation of their constituents..but that’s based on the understanding that we live in a constitutional republic where we all matter and have a say…that’s been replaced awhile ago with this s o c I a l is t democracy we see today where we don’t matter at all and are simply tax cattle

[@gelan8543]

Plus, as the buyer, you get Buyer Protection for purchase, extended warranties, and other benefits. I made about $300-$400 / year on cash buy. I never paid any interest charges on my cards

[@grayisgood]

@@gelan8543 Yes I use chase freedom unlimited and I find they have some great benefits. I have some other cards that don't offer the same.

[@andrewkovnat]

The fact that so many people rely on credit and can't pay for goods and services up front speaks to where our economy's strength really is, just like the stock market: the big wigs. And they're the same people that also encourage us to buy things we don't need with money we don't have. You can't blame people for trying to fruitlessly keep up with consumer trends.

[@annepeiffer-mgr8312]

These fees are also charged to debit cards where there is a cash transfer. Even those who have the money pay the penalty.

[@Golflegend410]

@@annepeiffer-mgr8312I’m confused, where does the cash transfer take place when you pay your entire credit card balance using a debit card?

[@johnny14980]

and where it's headed

[@xeridea]

Let's be honest, most people buy a ton of stuff they don't need.

[@nathanbrady8529]

Fees are applied to debit cards too. It doesn't matter if it's a credit card or a debit card linked to your checking account.

[@magikmycology6660]

🙄 No one makes you use credit cards. If you don't want to pay their fees, don't use them. It's pretty simple.

[@krazus2036]

This is a load of bullshit, Capital one doesn't increase limits of people for no reason. They only increase, or even automatically increase limits for those who don't show a balance and pay their bills in full. So they are only doing it for responsible people who don't carry a balance. Capital One is the largest Subprime lender, meaning they are the only large bank that will help those with terrible credit that other large banks won't risk. This whole video is one fear mongering thing that doesn't understand how Capital One Opperates.

[@stephencurry8552]

However, for someone with discipline, they raise your limit, you do not use it. Your credit score will rise faster.

[@ambiarock590]

I rarely even use my card. It's a super dangerous game that I'd rather just choose not to play all the time. I put a couple things on it from time to time that I know I can afford and make the payments when the bill rolls in.

[@stephencurry8552]

@@ambiarock590 Good that you do that. Also, never use more than 30 per cent of the credit you have available. That will also work to elevate your FICO. Good to have a variety of credit also lifts your FICO.

[@maninscrubdallas8694]

You can call the credit card company and ask to reduce your $12,000 credit (for example) to $500 or $1,000 and the credit company, by law, must reduce it to your preference.

[@stephencurry8552]

@@maninscrubdallas8694 Why are you attaching that to my post? Obviously stunningly ignorant thing to do. Then you are in texas, so ignorance of politics and finance is a given.

[@MrOverclocked92]

@@maninscrubdallas8694 Lowing your credit limit will reduce your total credit available in your credit report thereby raising your credit utilization and lowering your credit score. Just because you have a high credit limit doesn't mean you have to use it.

[@abigailrose9270]

Y’all should do a video on the number of layoffs in 2024!!!! It’s wild

[@CoercedJab]

They don’t seem to report on anything that would rock the boat TBH. Like the 💉 or the 😷 or the left over expired hand sanitizer 😂 trashed ventilators etc

[@CoercedJab]

Layoffs would rock the boat since Biden says he has been creating jobs lol

[@Debate_everything]

@@CoercedJab well the economy has created a lot of jobs that doesn’t mean that layoffs don’t happen layoff happen because we dont have regulations on it.

[@peanutnjessy7864]

I lost my job (again) this year actually. Second time since biden has been president.

[@Dumbledore6969x]

@@CoercedJablol

[@amharbinger]

Started to notice I spent way less when using cash but also noticed that more businesses don't accept cash or have enough to give proper change. Than out of no where my credit limit went up, makes sense now.

[@nathanbrady8529]

It doesn't help that "banks" (aka financial institutions) now charge for cash deposits and to make change for businesses.

[@barvdw]

Cash handling isn't free, though. There's the higher risk of getting robbed, you need to get physical money from and to the bank, you risk running out of certain denominations, so you always have to keep more in stock than strictly needed... Big supermarkets pay huge amounts of money to the couriers in their armoured cars, smaller shops have to cut a staff member out to do a money run to depose the daily proceeds (or get more change...), they have to pay their staff to count their tills... I like cash, I always carry some on me, because it never fails because of an outage of sorts, there's a feeling of security having that last resort, etc. But I am happy that even the smallest roadside stall will have a way to accept my electronic payment, too, if I don't have enough on me, because I always have my phone and/or bank card with me. Heck, worst case, I can transfer the money in seconds. Disclaimer, I'm European, we have much lower fees, both interest and swipe fees, most use debit cards anyway, and we have a law mandating everyone, even for private sales, to accept at least one electronic form of payment, be it a cash app, card reader or even bank transfer. Because fees are much lower, business owners are much less opposed to electronic payments.

[@justacitygirl]

Those offers go straight into the trash. They are parasites.

[@RatedFforFUGlenda]

Utilization is part of your credit score

[@steveurbach3093]

Why do you see so many ads for Rewards type cards??? Simple. Those are added to the Swipe fees the merchant pays.

[@Psi-Storm]

No, those card rewards are paid with the swipe fees. That's also the reason why customers won't choose cards from a cheaper payment network. Only the retailer profits from cheaper swipe fees. Customers chose the card with the higher swipe fee, because the issuer has more money to push into their cashback program, so they offer better multipliers.

[@TheZombaslaya]

I churn those rewards cards, I have around 200k points from Amex, Chase and Capital One, I've gotten free hotel nights, discounted flights, rental car insurance and a lot of stuff.

[@anthonydelfino6171]

this is exactly how Discover was built back in the day when it was trying to compete with visa/master card it was the first cash reward card to market, and it was able to pay its customers those rewards by doing exactly that. they charged a higher fee to the vendors and shared that fee back to the customer. this is also why Discover had a harder time breaking into the market in the 80s because vendors didn't want to accept the card with the higher merchant fee.

[@xGamerGuy]

I went through a bankruptcy because I was hospitalized during a time when I had no health insurance. Capital One was the only company to offer me credit afterwards. Two years later I have several capital one cards with high limits, and pay them in full every month. I love capital one. I believe the moral of the story is to not purchase things you can’t afford, that’s how you end up paying any credit company interest.

[@korycoleman9517]

Same here, they were the only company who would give me a secured card ,before that I didn't know you needed good credit for a secured card so here I am ,out of debt n starting fresh and they have been a big help

[@swampwiz]

Why didn't you have health insurance? Was this pre-ACA? BTW, I myself filed for Chapter 7 during the Great Recession, both from that and from the cumulative effects of having a major loss in a weather event a few years prior in Aug 2005. Of the $140K in unsecured debt I had, none of it was from Capital One (although it pretty much included every other big name, LOL), and Capital One was the first bank to offer me a non-secured (but still with a $39 fee) CC; I guess they thought I was "prime meat".

[@davidrichardson4131]

Thank you for the update on the rip offs

[@dominicc4076]

I've had a cc since I was 15.5 when I started working. I always treat it like cash, pay it off every month, and use the cash back to benefit me. CCs hate people like me. Now all the small businesses I know charge 3% for using a cc, so now I use cash a lot more.

[@TheZombaslaya]

Use cash at smaller stores, use your cards at big box stores and chains. What Costco pays in fees is a whole lot less than what your local coffee shop does.

[@anthonydelfino6171]

I worked for Discover for several years.... no. they don't hate people like you. sure, they'd like if they could get even more money from you from fees and interest, but the bulk of the money brought in by credit card companies is from merchant fees

[@waylonk2453]

@@TheZombaslaya Well said. Another commentor suggested this strategy, and I'm all for it. Screw the big companies with the swipe, and pass cash to local businesses.

[@TheZombaslaya]

@@waylonk2453 I also don't see big box stores lowering prices if swipe fees got capped either, so I'm a bit skeptical about nerfing credit cards, but I do try to carry cash for smaller businesses.

[@ff144k]

they love u. merchant fees are massive.

[@FennaVa]

The bank crisis isn't over yet, and experienced individuals know credit crises don't end quickly. Sometimes I find it amusing that some think it's resolved, but in reality, we're headed for a major economic downturn due to this credit contraction.

[@PhilipCox-ws9tk]

I am really worried about the current bank crisis/interest rates, these are all the signs of yet another 2008 market crash , so my question is do I still save in the United States dollar or is this a good time to buy gold or some other assets ?

[@marcellasilva4015]

Many overlook that banks are return-driven businesses. I don't trust keeping a large sum in a bank. Instead, I invest with guidance, enjoy the benefits, and save for retirement.

[@McCachren]

Market behavior can be complex and unpredictable. Mind if I ask you to recommend this particular coach to whom you have used their services?

[@marcellasilva4015]

The decision on when to pick an Adviser is a very personal one. I take guidance from Sharon Ann Meny to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.

[@WinnifredWalter]

I just googled her now and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.

[@Ricgibs]

From $7K to $45K that's the minimum range of profit return every week I thinks it's not a bad one for me, now I have enough to pay bills and take care of my family

[@dorathystephanie7702]

I agree just reached my goal of $100k monthly trade earnings. Setting realistic goals is an essential part of trading

[@adamdouglas9888]

Please educate me, i'm willing to make consultations to improve my situation

[@charles2395]

Get yourself someone like Stacey Macken who understands the market very well and is also a professional in placing trades. That's the key

[@waynes4369]

I made a lot from last week, a vision of the effective signals alone assured me of the turnovers. all thanks to Stacey Macken .

[@aniniels-hw5iv]

Stacey's understanding of market indicators is impressive. She knows exactly when to enter and exit trades for maximum profit. her signals are top notch .

[@oneofus6924]

As a teenager, I would watch fight club and think, man...seems a little crazy and an overreaction. As an adult, I watch fight club and think, man....these guys have got it figured out.

[@aishtaealatalniyranfialsaqie]

I watched fightclub for the first time in university drinking a 6 pack of beers. Afterwards, I went to the Gym at 2am and started boxing.

[@4nxy]

Dumb movie for college stoners. Everyone thinks Fight Club is cool in college, then they grow up

[@TheMisterGuy]

I love Fight Club, but I want to say, no, they don't have it figured out. They identified a problem, but their "solution" doesn't fix anything. I'll explain briefly: Blowing everything up and starting over means that because we couldn't fix our recent capitalism problems, we go all the way back to caveman times and have to re-solve every single problem along the way. We go back to slavery, to having no proper medical care, to being ruled by bandits and warlords, all of that. Things we took thousands of years to get past, we have to do it all over again. But it's even worse this time, because cavemen didn't have nuclear power plants sitting around. The whole time we're restarting civilization from nothing, we have to maintain control over power plants so they don't leak or melt down and poison everything. Who's going to do that when we don't have a stable society that can educate people into becoming nuclear physicists? Even if we had those people, how are we going to pay them and keep them safe? So just to say it one more time: Fight Club recognized a problem, but did not propose a reasonable solution.

[@aishtaealatalniyranfialsaqie]

@@4nxy Thats the movie plot, we grow up and start an organization

[@4nxy]

@@TheMisterGuy Exactly. This shouldn't even be a debate, the characters in Fight Club are not admirable lmao. They live in an abandoned house run by a madman plotting civilizational destruction. It's insanity

[@clue___]

Dave Ramsey in the corner of the room rocking back and forth. " I TOLD YOU!"

[@LoriR.Wilson-uo8sh]

My husband and I were fortunate enough to be able to pay off our mortgage early. We were both still working, and took the payment amount that we had been using to pay off our mortgage faster and we put it straight into investments. We were able to retire early because of almost 7 years of putting away what would have been our mortgage payment as well as maxing out our 401K/403B plans. Thankfully we were taught by both of our parents the value of living within our means. Thank you for your advice. I know it will help people. we are interested in investments that could set me up for retirement , I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what's the strategy behind such returns?

[@AnissaT.Roller]

Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience.If you're new to investing or don't have much time, it's best to get advice from an expert.

[@DavidJ.Knecht]

Even with the right strategies and appropriate assets, investment returns can differ among investors. Recognizing the vital role of experience in investment success is crucial. Personally, I understood this significance and sought guidance from a market analyst, significantly growing my account to nearly a million. Strategically withdrawing profits just before the market correction, I'm now seizing buying opportunities once again.

[@RichardK.Turner]

How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.

[@DavidJ.Knecht]

Leicia Zavala Perkins is the licensed advisor I use.Just research the name. You'd find necessary details to work with to set up an appointment

[@DanielA.Slayton]

She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

[@JR0298]

The audio levels are all over the place in this video.. annoying to watch. Host either needs to annunciate/speak louder or the cutaway interviews need to be lowered.

[@ringsystemmusic]

Sounds like there’s only a 6dB delta between them, which is acceptable imo.

[@adeliawilliams4884]

I'm a Capital One customer and only charge what I can pay off the next month. The cash back is credited to my statement because of this. They also have a top CD rate (I locked in 5.25%) for a 12-mo CD. What I like about Chase is purchasing (say on Amazon) and getting the option of months long interest free payments. People need to beware of consolidating debt fees (i.e. transfer higher interest debt to a lower-interest card) because a 3% transfer fee can basically cost the same as interest due on existing debt. To help businesses, it's better to pay cash so they don't have the credit card use fees. Never take a cash advance off a credit card because of exorbitant daily interest fees!

[@lokipokey]

Beware of those" Months-Long interest-free payments." That's known as bnpl, or buy now pay later, and it's even more profitable than credit cards. If you don't pay it off in the specified time, the interest and fees are even higher than you would find in credit cards. Also, the average bnpl buyer checks out with $50 to 75% more merchandise in their cart. It encourages overspending. It's another way for big Banks to rape poor people

[@swampwiz]

The transfer fee just needs to be spread over the life of the payoff. It seems to always be about what the going Fed rate is, so I guess the banks think that if someone like myself takes full advantage of these balance transfer deals, they aren't losing anything - but if they get someone who can't pay the balance off when the promotional term ends, they've got some fresh meat to feast on at the loan-shark rates.

[@Super.Whimsy]

People are calling out the store owner, and they should. But the real issue here is consumer misuse of credit. Never buy something you can’t immediately pay off.

[@trevic1346]

That's right, use it as a tool not as free money

[@ambiarock590]

Except for houses, cars (IMO why do we build cities where your only viable way around is a multi tens of thousand of dollar per year car?), and emergencies are the only things you should be financing. Everything else: if you don't have the money for it upfront, don't buy it

[@TheGhost2612000]

That's right. I use my AMEX 90% of the time and it gets paid off within 2 weeks. I will gladly keep doing that and getting rewards points that can be turned into money. After about 6 months now I have accumulated close to $200 just because I used a credit card.

[@StarkRavenMad88]

That is not "the real issue". The real issue is credit existing at all. It didn't exist that long ago. And now it's fully immersed into our every day lives like a hoarding parasite getting a free ride and stealing the lower/middle classes ability to exist. Shut down all the credit bureaus. Eradicate credit from our entire way of life. Credit is the problem. Period.

[@Super.Whimsy]

@@StarkRavenMad88 Credit has existed for over five thousand years. Like many vices, you can hope to impossibly remove them or choose to abstain.

[@ItsLikeAShammy]

They didn't even talk about all the rewards you get from credit cards and how that is more pillaging from the poor. How do you think Amazon/Chase is able to afford giving all of their customers 5% cash back on purchases? They have to be making boatloads of cash on a portion of their poorest customers. The 5% they're giving us is table scraps compared to whatever amount they make.

[@mariusfacktor3597]

Right, the 2% rewards are paid for by the 3% fee every swipe. So everything is priced 3% more than it otherwise would be. This hurts low income people who don't qualify for credit cards the most. They pay 3% more and get zero rewards. So some rich person's free flights is being paid for by a tax on poor people levied by a corporation which those poor people have never interacted with.

[@BryanBortz]

A whole second video could cover how rewards programs are bad too.

[@Laotzu.Goldbug]

This is fundamentally untrue. only a small fraction of what the credit card companies make are from the poor or even late payinfg/unpaying customers. The overwhelming majority of their revenue and profit comes from Merchant fees. that's 1.5% to 3.5% on each transaction, approximately. They're making that money every time someone pays regardless of their balance, interest or fees at the end of the month. Last year Visa processed just under 250 billion transactions. You do the math

[@ev25zv]

@@Laotzu.Goldbug I think the 18-30% interest broke people are paying on a $5000 balance dwarfs merchant transaction fees. The average household credit card debt in the US is almost $8K. You do the math.

[@dr33776]

@@mariusfacktor3597”poor” is not the same as “irresponsible”. If they can’t pay their balances at the end of the month then they have no business owning a credit card.

[@timogul]

Nobody is "induced" to take debt. Having a higher credit limit doesn't force anyone to spend more than they have. Just pay off your credit card at the end of the month, and you're fine.

[@KK-dv3wh]

So at least 90% of the fee is not required to operate the network. Far from "paying for r&d beneficial to consumers", this more likely incentivizes expansion of predatory credit models into additional areas such as auto financing.

[@phillipduvall8638]

What kind of research is even needed at this point? They certainly don't need any to fully exploit customers

[@KK-dv3wh]

@@phillipduvall8638 The video posited that the card industry claims that's something the money goes to.

[@someguy6075]

Wait, do they actually claim they're using revenue for R&D? That's hilarious given that we've had uncloneable card technology (chip and now tap) for decades and they refuse to ever phase out the magnetic stripe. It's a huge security hole but they don't care if they can shirk liability or pass on costs. They should use that 90% profit margin to do that.

[@jordanledoux197]

@@someguy6075 Actually, Visa makes almost a QUARTER of their money through international transaction fees. Allowing people to pay in different currencies in different places at different times. 36% is merchant fees, 33% is "Services" which is paid by banks and financial institutions that issue the cards and actually service the debts. They pay almost 25% of their revenue out immediately in "incentives", but those aren't the card rewards you're probably thinking of (directly anyway). Those are incentives to banks to issue more cards with Visa than Mastercard, or merchants, or things like that to increase total transaction flow. Some of those "incentives" probably get paid to the bank who then uses it to pay for the card rewards. Reading Form 10-K filings to figure all this out drives me crazy though.

[@wen6519]

I wish y'all had covered the cash back part. A local coffeeshop refuses to accept American Express because their fees are higher than others, meanwhile my rewards for that card where the highest. I decided to not use American Express on local business, and a little part of me feels vengeance when I swipe it at major retailers. Do I accomplish anything? No. Am I petty enough to still be satisfied? Yes.

[@sarkaranish]

I wouldn't sweat it to be honest. IF the small business won't lower prices for you using cash, there is no reason not to take a 1-3% cash back that Amex provides. I like Amex because they target high wealth individuals and are overall a joy to use. I get good rewards and businesses get the pleasure of having repeat high-wealth customers like you and me. Don't feel bad using Amex at a local coffeeshop, because chances are they care less about you than you think, and are more interested in serving up 25% tip add ons on making a coffee. The real problem is the high fees and predatory tactics that discover/capital one use.

[@Rollermonkey1]

The only person who pays for your "rewards" is you. Read up on how much they cost you. It will blow your mind. Think of how much these companies are profiting. They aren't giving you (or me) a damned thing we aren't paying for.

[@waylonk2453]

That's a great idea, swipe the card at big retailers and pass cash on to local businesses. You've convinced me that's a way I can affect economic change!

[@waylonk2453]

@@Rollermonkey1 I was looking at credit cards once and did the math on how much I would have to spend to cover the annual expense of an american express cash back card. It was not even close to worth it.

[@Zaiqukaj]

If a business uses square as their card machine it’s a flat fee. I was amazed when I realized how different it was from the giant machine that used dialup. Big fee cards like Amex are the same fee as any other credit card on square.

[@Susanhartman.]

The ongoing banking crisis is far from reaching a resolution. Those with more than a decade of experience understand that credit crises do not dissipate within a mere two weeks. It's amusing to witness some people believing that everything has already concluded so swiftly. We are currently witnessing a credit contraction that will inevitably result in a substantial overall contraction.

[@91ScottieP]

The bank crisis isn't over yet, and experienced individuals know credit crises don't end quickly. Some find it amusing that some think it's resolved, but in reality, we're headed for a major economic downturn due to this credit contraction.

[@mariaguerrero08]

Over the years, I have learnt not to trust corporations. I was badly hit by the '08 financial crisis. Since 2019, I've just been focused on investing through a financial advisor and it has been paying off. No major loss has ever been recorded since 2019 i started. I'm never going back to banks full time.

[@ThomasChai05]

I fully agree and place great value on my advisor's role in guiding my daily investments. They excel in both long and short strategies, managing risk for potential gains and protection against market downturns. Their access to exclusive insights and in-depth analysis makes exceeding expectations a regular outcome. In the two-plus years I've worked with my advisor, I've gained over 1.2million dollars.

[@mikegarvey17]

@@ThomasChai05Could you possibly recommend a CFA you've consulted with?

[@ThomasChai05]

My CFA ’Gertrude Margaret Quinto’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.

[@RDKirbyN]

Keep up the awesome work you guys.

[@patbaptiste9510]

I receive a minimum of 3 letters a week from capital one *EVERY* week - for the past 3 years. I rip them up without opening them and throw them in the garbage...but they keep on coming however. I will *NEVER* accept their credit offers...never.

[@joaoalcantara6676]

Users: don't spend more than you can pay. Vendors: give discounts for debit or cash transactions or abandon credit altogether. What am I missing here? 🤔

[@randxalthor]

The terms of the small businesses' merchant agreements with credit card processors explicitly disallow charging different prices for cash vs credit. You either follow their rules or get locked out of accepting credit cards altogether.

[@sarkaranish]

@@randxalthor These agreements don't exist. It's illegal for credit card processors to require flat purchase prices. also credit cards are a godsend for businesses. less cash to handle, less theft, less transaction time, automatic accounting. Nowadays, it costs more to use cash than credit cards. Small business owners just are angry that they have to pay for convenience. As usual, they continue to prove they are the most entitled people...

[@Chrissiela]

Debit cards are processed like credit cards, aren't they? Same swipe fees. That's why those retailers who pass on those fees do so whether your card is debit or credit. So while the consumer may be saving on possible interest charges, the retailers are being charged the same fees. And if they aren't they are certainly not showing that distinction when they pass on that fee to the consumer.... that I have seen.

[@CroisMoi]

I’m a small business owner. For years customers would tell me they used their rewards cards so they would get free miles. I paid the entire amount of all that. The card companies charged more for reward charges than regular charges. They have brain washed all of us to charge everything. They rake off money from every business. We need to start paying cash again.

[@petercook3143]

I always try to use cash for Small businesses, I only use card, and its a debit card, for the big companies, Walmart, Fuel, etc. If I go to a Bicycle shop, or non chain restaurant, I use cash. I wish more people would understand this. In SC about a month ago, I was out with my sons for dinner and when the check came, it actually showed the amount to use credit and the amount, about 2 dollars less for cash, I was impressed, that they actually put it on the printout, so more people know.

[@grayisgood]

I tried to buy a slurpee with change months ago and the cashier told me we don't take that. I'm not kidding. I said this is MONEY! Actual cash money! She said nope we don't take that. I haven't been back to that store because it's the most idiotic fucking thing I've ever heard. But I'm serious, that's happening. So it's not brainwashing, it's actual refusal to accept real money.

[@lucksinger4312]

Wrong the card holder paid those rewards through the price and it was rebated back.

[@CroisMoi]

@@lucksinger4312 That would only be true if I charged them more than other cardholders or check writers.

[@Demopans5990]

Hence why I just use debit. Cash only for petroleum though.

[@gman9033]

I HAVE CREDIT CARDS FOR 45 YEARS & NEVER PAID A PENNY IN INTEREST. INSTEAD OF RAISING MY LIMIT THEY KEEP LOWERING IT EVERY YEAR. MY CREDIT SCORE IS 850.

[@swampwiz]

OK, Boomer.

[@ArchThaBoss]

This merger out of all mergers shouldn’t even be on the table. Why is this even up for discussion? Shut it down

[@RussellD11]

If you have a "special 4% reward" on YOUR card, then when you buy something at my store, I PAY THAT REWARD in excess of the normal swipe fee! Its charged to me as a "special Commercial Card Fee", and I have NO IDEA I will be charged that by looking at your card! ~ Did you know that?

[@marwanak10]

Crazy. sounds like something to be said to the reward issuer

[@esonon5210]

So stop accepting credit cards and only take cash. Don't blame the customers because you have to pay for the cost of doing business.

[@ev25zv]

So you say you're paying 7% on a swipe? Seems dubious.

[@AyaanAmaan-yl5ns]

Having someone like you who’s not only a great innovator but also pulls his best to get people's credit fixed so beautifully needs nothing but appreciation. *Future imperative corps* Thanks for the well off work you consistently bring your all and I truly appreciate that. Thank you for making corporate life so smooth. Proud to have you on our team. Great work as always.

[@dao8805]

Great report. This is one of the absolute best channels on YT, hands down. ????? How about doing a story about how food shelves and food banks really work? A lot of people, even food shelf workers, mistakenly believe that large corporations kindly donate their products to food shelves (via the big regional food banks like Second Harvest for redistribution to local food shelves) out of the goodness of their hearts. In reality, what happens is that the Farm Bill provides for an "enhanced" fed tax credit equal to cost + 50% of retail value for items "donated" to food banks. This form of tax credit means the corporate food suppliers actually are getting paid (just like the former child tax credits issued checks) amounts that are probably pretty close to what they would get by selling their products to retailers. The bonus for these corporations is that this is a profitable way to unload products that do not sell and that are close to the sell-by date or even significantly beyond the sell-by date. Some corporations even package products specifically to go to food banks which are heavily processed and filled with cheap unhealthy ingredients no one would choose from a grocery store shelf. Because corporations in this country have a mandate to increase shareholder wealth above all else, unless these companies are actually making a profit from "donating" products, they could actually be sued by their own shareholders. That is why they make sure that every "donation" benefits their bottom line and that is why food shelves are full of unhealthy, heavily processed products with inferior ingredients that contribute to chronic health problems like diabetes, obesity and heart disease, and many are also past their sell-by dates. Let's stop pretending these corporate food giants are being nice to the food insecure and expose what that they are making money off of the most vulnerable members of our population. As an example take a look at the fabulous new Second Harvest food bank building in the Mpls suburb, Brooklyn Center (" A guided tour of Second Harvest Heartland's new Brooklyn Park facility" on YT) that has Cargill, General Mills and Target logos all over it, despite the fact that the MN taxpayers spent over $18 million on this. The fact that these corporations control these food banks is obvious and they are controlling them because it is profitiable for them. Second Harvest makes it sound like there is a lot of fresh wholesome food, but that is NOT the case; it's almost ALL unhealthy processed food. It is NOT the case that over 60% of their product assortment is fresh (lean protein and produce), as they claim. The other catch is that these food bank packages are NOT forwarded to local food shelves free of charge; they have to pay huge delivery fees and the lightest weight, cheapest foods to get delivered are processed foods. The public has a right to know what is really going on with this scheme. At the very least, the government should not be giving these enhanced tax credits unless the products meet health and freshness guidelines. I'm sure there is a lot more to this scheme than what I have found out and it needs to be covered by real investigative journalists. Please do a story on this.

[@sylvainh2o]

credit card is required to make safe purchase and build credit history. A good credit card gives you good reward and should be used only if you pay it in full every month. Retailers won't pass the saved money if the fees goes down.

[@dr33776]

The whining of the store owner is mind boggling. He isn’t “losing” out on $630k, customers are paying that. He won’t give that money to the “team members”, he’ll just pocket it.

[@dragonf1092]

Credit scores are illegal unconstitutional discrimination.

[@dragonf1092]

Credit cards are nothing but legalized extortion, racketeering, predatory practices. The same with loans and mortgages.

[@ChickenMcThiccken]

rewards are pointless. 3% cash back? bro. what 3% gonna do when my average total is 20 dollars? you know how much i would have to spend ? 3% cash back on $30,000 credit purchase. sure. but who do that ? no one. so this is just for a very small percentage of people who actually benefit from this. but these are mega millionaires.

[@clagueb3686]

To get a discount for cash at gas stations you can buy $50 gas cards using a credit card.

[@pinaerpowac4130]

Ive been to small locally owned stores that didnt accept card because the prosessing fees would eat into profit and force them to charge customers more.

[@partydean17]

@@pinaerpowac4130 I wonder if anyone has offered to pay for it themselves if they really wanted to use a credit card.

[@NirielWinx]

That's so American. Where I live, there's no extra fee. Or if there is, it's for the seller to pay. I haven't held cash in my pocket for the past ten years because I can just swipe my card for free. Oh, and the only place I had to pay for withdrawing cash at an ATM was in the USA; no other country does that.

[@PacmanBrunner]

Aren't u so tech forward

[@NirielWinx]

@@PacmanBrunner > What. That's just how everybody pays in my country. Most places don't even accept cash in the Netherlands. Oh, and our cards are debit cards, not credit cards, so we can't spend money we don't have.

[@josephguerassio6680]

When the seller pays a fee they dont just eat that cost. They pass that cost off in the form of increasing prices.

[@Ziegfried82]

You're getting hosed. Anyone in the credit card matrix is paying an extra 3% or more cost wrapped into the price of all goods. Nothing is free. Also your data is valuable and the companies use your transaction data.

[@PacmanBrunner]

@@NirielWinx That's great. You are amazing! I wish I could live in Hollandstan myself.

[@housepianist]

The more I understand how the EU operates for the benefits of their consumers, the more it makes sense how the USA could care less about consumers and pad their bottom line. It’s a corporate culture that our government allows because everyone gets a piece of the pie.

[@todddunn945]

Personally I am not overly concerned about swipe fees since I pay them even when I pay cash because the retailers have built the swipe fees into the cash prices as well as into items purchased on a card. Also I carry only rewards cards that pay me 1-2% cash back on most purchases and up to 5% back on some purchases. Since I pay the swipe fees even if I pay cash, my rewards cards create an incentive for me to use my cards for as much as possible. I don't care at all about consumer interest and fees since I never carry a balance on my cards and have only no fee cards. Personally I think anyone who carries a balance on their card is nuts.

[@henrywarmoth1792]

You should investigate the research and development behind the replacement for the M3A3 Bradley fighting vehicle in the US Army. Since the 1980's, the US has spent billions on research to replace a tank that already works great and is one of the most advanced and effective on the planet. If it ain't broke, spend over 200 billion trying to fix it right? All this while we spend less on healthcare for vets and pass higher spending budgets for defense than over half of the rest of the world combined. We can't have anything even close to Socialism in this country because we're spending 70% of our tax money on useless spending for the military. Let me state this again in case you missed it, we've spent over 200 BILLION dollars on NOTHING. Because the tank they're trying to replace is still the best option around.

[@shawniscoolerthanyou]

I don't pay interest and I don't pay fees. Cap1 gives me 1.5% cash back which is like a perpetual coupon. Plus the time value of money from the CC company floating the transaction for the month. That money is making 4% in the bank until then. I make money and I don't have to carry cash (plus other benefits like fraud protection). Never giving up my cards. And cash isn't much better if you're paying ATM fees. And increased credit limits make your credit score better. Don't blame the CC companies because spendthrifts can't control their spending.

[@sirheisenberg4459]

Several of the biggest market experts have been voicing their opinions on exactly how awful they think the next downturn would be, and how far equities may have to go, as recession draws closer and inflation continues well above the Fed's 2% objective. I'm trying to build a portfolio of at least $850k by the time I'm 60, therefore I need suggestions on what investments to make.

[@MarcyLoccy]

Most people either do not understand the power of compound interest, or are just impatient. For the average Joe, however, I think it is just best to invest in the S&P 500, and just wait, which is reliable, albeit extremely long-- lots of years. Or just use a professional analyst and speed up wealth creation. Most people underestimate the power of the latter.

[@belobelonce35]

On my end I've been in touch with a financial analyst ever since I started my business. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders.

[@SavannahMitchell-b3d]

Interesting, Mind if I ask you recommend this particular professional you use their service? honestly right now i have quite a lot of marketing problems.

[@belobelonce35]

Rebecca Nassar Dunne is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@PennyBernadette]

I searched her full name online and found her page. I emailed and made an appointment to talk with her; hopefully, she gets back to me.

[@FreddieVee]

You load 16 tons, what do you get? Another day older and deeper in debt St. Peter, don't you call me 'cause I can't go I owe my soul to the company store.

[@davidk4860]

Why wouldn't I use a credit card? I have self discipline for one. Let's not get into all the protections with credit cards, but i get anywhere from 2-6% back on things i spend my money on anyway. It's a no brainer. It also helps keep my credit score high, which in turn lowers my bills. The only negative is if you have no self discipline and cant control your spending.

[@dan-qe1tb]

I know, I know, HOW DARE THEY charge me 23% on borrowed money, and 30% on cash advances, after I had agreed this when I got the card!

[@alphaomega1351]

Credit card companies are evil 😈 doers! 😳

[@jessvagnar4957]

Offer a cash discount then. They won't because it's also better for the business to let you burden the cost of not needing as many cashiers.

[@iancarrey4123]

Don’t forget stores have to collect taxes on the credit card payment but has to pay taxes in cash. So they pay fees on money they collect for the government.

[@dragonf1092]

Sales tax is you paying the business/stores taxes while they keep their profits. And a way for them to con their customers with the excuse to jack up their prices and rip off and extort their customers.

[@iancarrey4123]

@@dragonf1092 you know businesses still have to pay dozens of other taxes too right ? Payroll, property, licenses etc right ?

[@dragonf1092]

@@iancarrey4123 property tax shouldn't even legally lawfully constitutionally exist

[@dragonf1092]

@@iancarrey4123 the payroll tax comes out of the employees check not the employers pocket.

[@dragonf1092]

@@iancarrey4123 licenses and permits are unconstitutional as well. No American citizen should have to have permission from anyone to open or operate a business. Or be extorted to do so.

[@cliveklg7739]

This is why paying cash is far more valuable to a community in the long run. You pay $40 in cash, it remains $40 when it is used to pay wages, and buy other goods. Where when you pay credit, every transaction on that $40 takes a little bit away, and really ends up being jsut $5 to the community as a whole on average. The credit card companies have taken the rest of that money.

[@chalkylover]

Even better than cash is bartering. Then there is no money to carry and no banking system at all. We should just go back to the Stone Age.

[@trussbekkah]

I have 2 chapter 11’s that are dismissed.The reason I have 2 is bcz I did not use an attorney.I was trying to stop an eviction,but when I went to try to add another month’s rent to the bankruptcy, but the guy filed another one. About a month later,I ended up losing my job.They are scheduled to fall off in January and March 2021.Since I’m looking to purchase a home soon but still there.I am currently enrolled in *Pecuniary backdoors* and I must say,I am loving

[@none-ih3cv]

Capital One is by far the worst CC company. their corruption is insane.

[@BenFranklin1776]

Credit One has entered the chat

[@jasonmoquin]

And let's be real, they'll continue to get away with it.

[@ChickenMcThiccken]

cant do it forever

[@MadhanMohan555]

Ive been watching you since I was 16/17 and im now 24. I’ve built a 822 credit score, emergency fund, retirement funds, debt free (other than full paid off monthly cards) and I’m saving for a house. All thanks to your videos. Big thank you to you *Future imperative corps*

[@dealsbetweenfriends]

when we were kids n young . credit cards were not easy to get! last 10 years it was avail for almost anyone>

[@anthonydelfino6171]

it's been longer than that. I was able to get 4 cards when I was 22 (back in 2003) with basically zero credit

[@ncochran01]

There is a price to using cash. Having to keep it in stock, going to the bank, dropping money in the safe and the chance of someone skimming/stealing it. Credit cards do prevent much of this. Credit cards have become so convenient that we would be in trouble without them.

[@SamLee-ds7fi]

No we wouldn't lol The companies have convinced the American people they need them when we really don't

[@joen4088]

That cost is still much smaller than the swipe fees, so not really.

[@chalkylover]

@@joen4088like you would know how hard it is to handle pallets full of cash.

[@VijayViju-zi2nc]

Not going to lie, but we are actually really proud to have a credit technician expert like you as our main guidance. The job is done so gracefully and neatly. Very well done, dear *future imperative corps* . First of all. Thank you for making the work environment so friendly and taking your responsibility seriously and completing the repair gracefully! You deserve so much.

[@simulatednatas]

Thats why i use cash as much as i can.

[@noksuan59]

they became the toll bridge of the economy

[@lokipokey]

How about looking into workers compensation, especially in California? My son had an on-the-job injury in CA, and it was almost impossible for him to get any medical care. He was lucky that the three breaks in his humerus healed in alignment, because if the bone had needed to be set, he would have had to wait 5 to 7 weeks to have that done. At that point, the doctor would have had to re-break the bones in order to realign them because normally they set themselves out of alignment. Alignment. It took him 3 weeks to even see someone with an MD after his name, despite three breaks in his arm, two broken fingers, and is severely torn and separated shoulder. One of our employees fell on the stairs at our office in Iowa, and she got immediate medical attention and thorough follow-up after having broken her wrist. She was able to see someone at the local ER and then follow up with her own doctor and was back at work within 3 weeks. California 's workers comp is such a nightmare, that when I typed California workers comp into a search engine, the next suggested word was nightmare. Almost no doctors there will accept workers comp so you have to go to a special workers comp clinic, which will not give you appointments.

[@hellofriend545]

I often tip in cash but then I feel like my credit card company will one day release my tipping history to show I’m a bad person. That is my weird paranoid thought when I hand over the money. I also feel like cash tips are more fun and personable than the button on the iPad or whatever.

[@yurareigiryu]

It's more money for the servers if you tip in cash because it's not subject to swipe fee. And they can maybe get away with not reporting it on their taxes.

[@wasd____]

Maybe we should just have a culture of actually paying service workers a living wage instead of tipping being expected.

[@anthonydelfino6171]

@@yurareigiryu that second part more than the first. I hid SO many tips when I was working a tipped job, maybe reported only half the tips I actually made just to make it not look like I was blatantly lying on my taxes

[@alquinn8576]

@@wasd____ service in the US seems to be better than in no-tip European countries, and hard to say if it's cultural, but could be due to tips

[@danfarrand9072]

SWIPE fees are excessive, but it's a government supported monopoly. There is nothing preventing the FED from creating a different payment system that is less expensive. The businesses just pass the cost onto consumers or offer consumers a discount for using cash. Surprisingly many business discourage cash payments or even wont accept cash (that should be illegal in my opinion) so the fees must not be a big deal for them. For card holders, unless there is an annual fee, THERE IS ABSOLUTELY NOTHING forcing you to carry a balance on the card. It may make you angry that Capital One takes advantage of peoples tendency to turn their back on prudence and virtue, but it's not a crime. The Bigger criminals in our economy would be government, the medical industry (particularly hospitals) and the top criminals in terms of greed and exploitation of the weak are Colleges and Universities.

[@PseudoChris]

I don't know where this channel came from. But from what I've seen so far, your videos are informative and inspirational without being divisive or excessively negative. Keep it up! I fully support the great work you're doing on these topics that actually have real-world impacts on people's lives.

[@bboyk9]

Thank you. No one wants to acknowledge the fees associated with credit cards.

[@oogrooq]

Why don't stores disallow credit cards? Winco only allows debit cards. I love Winco.

[@fragslap5229]

I see nothing wrong with Capital One marketing to ANYONE. It's a FREE country, after all, and if you're too dumb to know how to manage your finances, well, that's life.

[@SleepingInsomniac19]

Don’t like the convenience of credit cards? Just pay cash. Don’t be stupid.

[@HACKERTEAM22]

The worst mistake i can make is not to say “Well Done”. But I’m not such kind of fool who doesn’t have the eyes to see the progress. You really did it very well. Great Job *Future imperative corps* This is a great credit achievement for you, as well as for our company. You have shown us how to finish a tough task very smoothly. We have many to learn from you.

[@Medamorf]

Is the audio quality for More Perfect Union's videos bad for anyone else? It sounds quite distorted

[@hotdrumchick]

Yeah, these companies know EXACTLY what they’re doing! I noticed every time I used my card at a VENDING MACHINE, they charged me 1.50 EXTRA!! 😮🤬

[@missinglew]

Lobbying congress should be ILLEGAL

[@JarheadMcLovin]

The idea of being charged a fee for using my money for doing nothing, it's the best scam in history. Honestly, if the goal is to replace cash then the Treasury should get in this space especially if it's a debit card transaction, there should be no fee involved, you're saving the government the cost of printing money.

[@MichelMawon4982]

If you haven’t already, please discuss Home Owner’s Associations.

[@MDMURADKHANMDMURADKHAN-ds3nt]

This man spends hundreds of thousands of time just to help us. He helps those in need while also helping us. He always puts a smile on our faces and we should appreciate it. Hats off to Him! I love you dude. Crazy I've never payed attention to the *Future imperative corps* on the internet movement when I say ancestral your a gift to our people

[@victoriabarclay3556]

As a small business owner who doesn’t swipe cards, we pay 3-4%. It kills us because our prices cannot absorb or include those rates. Zelle has helped a lot. ACHs paid by middleman companies charge us -they take up to 2% out of our check AND our clients are already paying for the service. I don’t get how they are allowed to do This