Will Legislation Kill Credit Card Rewards?

[@Dreamsc8pe]

My biggest annoyance nowadays with trying to collect points is the fact that welcome bonuses are no longer as cut and dry. Up until last year you could just get a ton of points just for hitting a minimum spend within 3-6 months. Now almost every single card has some weird, spread out rewards scheme that has you spending a certain amount per month for 12 months, and an additional requirement kicking in at month 12 or 13 (oh so conveniently) so as to ensure you're paying another year's annual fee. I think we're hitting a huge slowdown in the overall travel rebate/rewards world..

[@antfo9226]

Merchants build these transaction fees into their pricing. Additionally, it is my understanding that these fees are a tax deduction (maybe im wrong)

[@tylerg8031]

They are a tax deductible not too mention business owners who have credit cards can claim credit card annual fees as well and I know more business owners who them selves use credit cards for their monthly business expenses and reap the benefits of massive points earnings from large business expenses.

[@ianm.fraser3564]

Interchange fees... are a cost of doing business. Price the services and products accordingly! We'll still purchase what we value...

[@Lee-mp5vg]

Well said

[@mr.wonderful4737]

but you screw over the poor who cant get premium credit cards

[@RealManoylo]

It’s called cost of doing business.

[@ktanner438]

Merchants want things both ways. They want the higher basket sizes that come from credit cards as a result of incentives such as points or low interest. But they get upset at the cost of doing business in the form of interchange This legislation will only help big box retailers who can make real money on scaling the savings. Small businesses miss the forest from the trees and get annoyed at their fees while ignoring incentives caused high transaction quantities

[@mikeyoung7640]

I would just avoid going to stores or restaurants that have credit card fees. Another thing I should mention they can claim credit card fees to the car to get a tax deduction. Plus most merchants make a huge profit on stuff that cost less then they originally paid for to sell in there stores or coffee a shop especially coffee even in convenient stores to where they do have fees for credit card and plus charge to much for one pop or chocolate bar with a surcharge on top to me Canada need to outlaw business for business charging credit card fees to customers. One more I should say why do businesses even accept credit card if it’s bad for there busies

[@aaronshang5762]

I am a Telus customer. By using a credit card that gives me more rewards than surcharge, I dont lose anything.

[@yvr2002rtw]

I tend to tip less if the restaurant doesn't accept AMEX. I tip 20%+ if they accept AMEX.

[@arabesquena1390]

Any business that would charge me any CC fees will be boycotted by me FOREVER.

[@meritocraticmafia9824]

University and colleges haves surcharges when using credit cards for years. For small purchases like coffee, who cares about surcharge. For tuition that cost $8000/year, it's extra $200 to pay with CC. Unless, you are getting more than 2.5% equivalent in rewards, it's not worth it.

[@dazone]

I just received a letter from AMEX re: increasing the annual fee of AMEX platinum to 799$. Another nail in the coffin.

[@philkhk]

Merchant will just raise their prices anyway. including that 2.4% on the raise instead of charge extra fee will make it less obvious and less complains.

[@tidy]

Businesses get to write off credit card fees so it's not costing them anything. If a business charges me a fee I will take my business elsewhere.

[@joshflood9274]

That’s not how write offs work lol. They just don’t have to pay taxes on that money then

[@tidy]

@@joshflood9274 It is an expense, just like rent, hydro, etc. it's part of running a business.

[@mikeyoung7640]

I would do the same thing tbh if everyone did what I would do by walking out from that business and go someplace else to buy thing with my credit card that doesn’t charge credit card fees I don’t support businesses

[@matthewnirenberg]

This is only a USA/CAN problem and the realty is nothing will change no matter how scary the title of this video is. No such legislation is happening or planned anywhere else in the world. Australia has (depending on card used - debit or credit) 0% fees or 0.25% fees and guess what - rewards haven't changed. Yes every card has an annual fee - starting from $99 up to the annual Amex fees.

[@jacqueswang3722]

Quebec pride, LFG

[@ZA-td8hf]

Can businesses make you pay for the surcharge without informing you? That's my main concern.

[@brucekerr106]

Meaningful content and excellent production values

[@photoMorg]

then just tip less

[@tidy]

WTF!

[@sasanvancouver]

lol they expect a tip of minimum %18 at small coffee shops.. for a drip coffee