Opinion: Credit cards work, so why are lawmakers in this state going after them?
'Hannity' panelists Stephen Moore and Charles Payne discuss how President Biden's economic policies likely played a role in the collapse of Silicon Valley Bank.Once upon a time credit and debit cards were only available to the rich and famous. Now they are ubiquitous. More than 80% of adults have them slipped in their wallets. This convenience has changed the way we shop and pay for nearly everything.
For store owners, card transactions reduce fraud and theft from the cash register. By accepting cards for payment, customers are prone to spend more at the store or restaurant. Profits rise. So why are politicians trying to intervene in a market that works well and is highly competitive? Remember, the credit card companies have to process billions of transactions and they have to cover the cost of fraud and nonpayments.
The evidence shows that when caps have been imposed on some types of credit/debit cards, the result has not been lower prices for shoppers. The merchants cash in on the difference or the banks impose other fees. In some cases they put limits on who can have a credit card – which hurts lower-income card holders. Florida’s bill is a mess with a labyrinth of complex rules that may become a template for other states. The card companies would face penalties of $1,000 for each violation.
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