Will Legislation Kill Credit Card Rewards?

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If you've been keeping up with the news and public discourse on all things credit cards points, you'll know that as of late the big banks have some hurdles to jump through.
Courtesy of legislative changes, big banks are starting to make their moves towards benefiting far greater in the points game.
Well what does that mean for people like you and I?
Check out the video to find out!
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Пікірлер: 28

  • @Dreamsc8pe
    @Dreamsc8pe11 ай бұрын

    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..

  • @RealManoylo
    @RealManoylo11 ай бұрын

    It’s called cost of doing business.

  • @ianm.fraser3564
    @ianm.fraser356411 ай бұрын

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

  • @Lee-mp5vg

    @Lee-mp5vg

    11 ай бұрын

    Well said

  • @mr.wonderful4737

    @mr.wonderful4737

    11 ай бұрын

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

  • @antfo9226
    @antfo922611 ай бұрын

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

  • @tylerg8031

    @tylerg8031

    11 ай бұрын

    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.

  • @ktanner438
    @ktanner43811 ай бұрын

    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

  • @aaronshang5762
    @aaronshang576211 ай бұрын

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

  • @yvr2002rtw
    @yvr2002rtw11 ай бұрын

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

  • @meritocraticmafia9824
    @meritocraticmafia98249 ай бұрын

    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.

  • @mikeyoung7640
    @mikeyoung764011 ай бұрын

    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

  • @arabesquena1390
    @arabesquena139011 ай бұрын

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

  • @dazone
    @dazone11 ай бұрын

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

  • @brucekerr106
    @brucekerr10611 ай бұрын

    Meaningful content and excellent production values

  • @philkhk
    @philkhk11 ай бұрын

    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.

  • @ZA-td8hf
    @ZA-td8hf11 ай бұрын

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

  • @matthewnirenberg
    @matthewnirenberg11 ай бұрын

    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
    @jacqueswang372211 ай бұрын

    Quebec pride, LFG

  • @tidy
    @tidy11 ай бұрын

    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

    @joshflood9274

    11 ай бұрын

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

  • @tidy

    @tidy

    11 ай бұрын

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

  • @mikeyoung7640

    @mikeyoung7640

    11 ай бұрын

    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

  • @photoMorg
    @photoMorg11 ай бұрын

    then just tip less

  • @tidy
    @tidy11 ай бұрын

    WTF!

  • @sasanvancouver
    @sasanvancouver11 ай бұрын

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