Also in this playlist...
This transcript is automatically generated
We had a good -- down.
To Birmingham Alabama I really am not the one that should be saying Birmingham Alabama probably should be you mcdonalds you found -- little cards outcomes with us now to talk about what's -- said.
Writes on tennis not about eliminating these interchange fees.
Good thing bad thing -- -- scoop on what's going on.
Well it depends on who you are whether it's going to be good -- bad in different you know.
They -- he's gonna hate speech from the credit car company's the credit card companies you couldn't figure out -- -- you get whatever we do walk so they're not take it from.
Store they're probably -- became from the consumer stuff.
I I I guess it just depends on what her who you are weaker outlook.
John what exactly are these interchange fees are they're multiple different tranches of fees that are charged because.
You could charged somebody less than a penny a fee every time and and still make a bundle on -- with all these transactions -- what what exactly -- -- interchangeable feet well.
Interchange fee is basically -- be -- be retailer -- back to the to credit card company for the right to take those cars it's usually somewhere between one Q percent.
And it's really just another way that a credit card company makes money -- OK so -- Yeah hey hey that's well please review this.
They've done it before in Australia what happened in Australia.
Was -- when announcing he was reduced its turnaround that started charging at our annual fees to the consumers originally reducing that we were program.
They started refused to hear revolves around reducing that 0% loans and stuff like that they were -- -- One another good credit -- companies figure out a way to get the money that they want you reduce it warm spot they're gonna get another -- John senator Dick Durbin has proposed this amendment that's an ability if you do you feel that.
Our senators are aware of the fact that look what would you do and it's a credit card companies or other companies eventually those costs are passed on of the consumer and you really.
And in many cases -- net net zero sum gain for consumers.
Yeah that's the way I feel about it I think it's a lot of grandstanding.
You know it is may soon see more appears he's great.
Knights in shining armor but you know it's really a zero sum game if they don't do it from one place they're gonna go get another.
This is not out -- out of the ordinary go right this -- happened before there's been legislation passed before and hasn't worked in other places.
Well we're coming up that this case study -- Australia I say they try to do -- in Australia.
End game the credit card companies that hey we we've lost a billion dollars in the first year that you guys enacted this.
And now we're gonna do things to try to get that billion dollars back.
Or losing in the things they didn't start so we met through work programs -- raise the annual fees.
They eliminated the 0% intro loans that the -- -- used to.
And I think -- pick -- a billion dollar.
You'll want -- John I was noticing that a partisan -- was that it gives stores the right I guess.
Give discounts to customers are paying with cash -- with a with a debit cards and -- checks I didn't realize that that there was a rule in place or law and place preventing.
-- isn't doing that.
Yes they do the credit card companies -- constant -- you can't.
And that with the Internet except our car and and -- this interchange fees can't kick back some -- -- to the consumer.
Couldn't -- owing rent tell us what low cards dot com and does -- -- -- your site.
-- -- on contract every credit card.
In the United States and lose the race in one place interest rates in one place.
So people can shop among all the cars and they'll have to guess.
But when they did something in the mail whether or not that's the best interest rate they get they go to our site.
Look at all the 15100 credit cards in the nation and as I was when -- will very help I.
Think there should be something -- that I can get my children off the credit card mailing lists because my that's why I'm mark credit card offers still.
All right thanks John.
McDonald who found a local -- dot com check it out you dogs get credit card offers one points and they did they.
Filter by section