Comments on: Don’t worry yet about credit card fees http://blogs.reuters.com/felix-salmon/2010/07/22/dont-worry-yet-about-credit-card-fees/ A slice of lime in the soda Wed, 19 Jun 2013 21:12:19 +0000 hourly 1 http://wordpress.org/?v=3.4.2 By: accepting credit cards http://blogs.reuters.com/felix-salmon/2010/07/22/dont-worry-yet-about-credit-card-fees/comment-page-1/#comment-17126 accepting credit cards Mon, 09 Aug 2010 05:18:30 +0000 http://blogs.reuters.com/felix-salmon/?p=4817#comment-17126 A debit card works like a check. You better have the money in your checking account when you use it because it will (in most cases) be debited within that banking day or the next day. Money in your savings will not be the account your debit card is linked to and is a separate account. A credit card is just that-credit. You pay on that usually monthly and unless you pay the entire amount due, will accrue interest on the amount due. How much interest depends on the agreement you have with the credit card company. A debit card works like a check. You better have the money in your checking account when you use it because it will (in most cases) be debited within that banking day or the next day. Money in your savings will not be the account your debit card is linked to and is a separate account. A credit card is just that-credit. You pay on that usually monthly and unless you pay the entire amount due, will accrue interest on the amount due. How much interest depends on the agreement you have with the credit card company.

]]> By: Neubert http://blogs.reuters.com/felix-salmon/2010/07/22/dont-worry-yet-about-credit-card-fees/comment-page-1/#comment-16980 Neubert Thu, 22 Jul 2010 21:57:11 +0000 http://blogs.reuters.com/felix-salmon/?p=4817#comment-16980 What's the status of merchant fees. I've never understood why they don't rise up in rebellion against the oligopoly of credit card networks. What’s the status of merchant fees. I’ve never understood why they don’t rise up in rebellion against the oligopoly of credit card networks.

]]> By: TFF http://blogs.reuters.com/felix-salmon/2010/07/22/dont-worry-yet-about-credit-card-fees/comment-page-1/#comment-16964 TFF Thu, 22 Jul 2010 15:14:52 +0000 http://blogs.reuters.com/felix-salmon/?p=4817#comment-16964 I agree with Felix. There are some businesses (e.g. auto insurance in regulated states) where you are forced to "make up" for bad customers by overcharging good customers. But credit card companies can choose their customers. If my credit card company wants to overcharge me to make up for losses on another part of their portfolio, I will simply take my (profitable) business to another company that sees things more clearly. I agree with Felix. There are some businesses (e.g. auto insurance in regulated states) where you are forced to “make up” for bad customers by overcharging good customers. But credit card companies can choose their customers.

If my credit card company wants to overcharge me to make up for losses on another part of their portfolio, I will simply take my (profitable) business to another company that sees things more clearly.

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