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Visa ‘stands to lose the most’ from Fed’s new debit-card rules


hegemony
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1 hour ago, hegemony said:

 

I'd say that consumers stand to lose the most.

 

Look at Australia.  They implemented a law that required extremely low swipe fees on credit card transactions after merchants swore that it would result in a price reduction.  So what happened?  Well, it seems that Australia has its share of congenital liars, too.  Within weeks of the new law taking effect, prices rose across the board.

 

I guarantee that will happen in the US, too.  Look at how they lowered swipe fees on debit just recently.  So, when you pay with a debit vs credit card, do you get a discount?  Fook no!

 

Visa and the other card associations better start getting wise and find a creative way to handle this issue.  If they start with AFs or lowering rewards, watch consumers react negatively.

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