I thought this was interesting.
The problem with all of these great deals, as is the problem with increased credit/debit card usage, lies solely on WHO ends up paying for these "deals" in the end. No one ever considers the obvious here: GREED. Who is behind every single one of these cards? A bank. We all know that banks do not just give anything away. They do not jus offer up perks for free. Someone always pays for them.
If The Great Recession should have taught the American people anything, it's that the banking industry is not on our side. We still feel the results of this today as larger banks continue tightening policies, raising fees, and introducing new fees for previously free services (Chase now charges fees for depositing too much cash into your account!!).
Yes, I digress. With cause. Everyone needs to understand that the banking industry wants to encourage the increase in card usage. Why? It makes them partners in every single transaction that occurs with one, and they will be getting a piece of the action for each and every swipe. Consider that every time any of us use a credit or debit card, for any reason. Each time that card is swiped, the business that just accepted your card (so you can get whatever benefit out of it you think you are) is paying a fee to the bank that issued it.
Often these fees are rather steep and certainly add up to the cost of doing business in America today. So…what happens to that cost as it accumulates higher and higher with bank-sanctioned increased usage? Do these businesses choose to eat those costs, prolonging the affects of The Recession that slow economic recovery, particularly for small business? Some do. If they don't, those costs are turned around and compensated for by raising the price in goods, services, or by tagging on their own fees for card usage.
Ultimately, my good people, it is you and all of the rest of us who pay the ultimate price. While the banking industry reaps their profits in the billions of dollars in processing fees alone, we see an increase in what we pay across the board, just for the perceived benefits and conveniences these cards allegedly bring.
I applaud business such as Winco Foods, who do not accept credit cards in an effort to keep their prices low for their customers, and other business who have turned things around by charging the customer the fees for swiping their cards. After all, it is your choice to use the card, you should be the one to pay for any fees associated with that, not the business and not the next customer in line.
I can assure you that if each of you were responsible for paying the fees that your card usage burdens this economy with, you'd think twice next time you pulled it out, and our wonderfully greedy banking industry would have to find another means of getting their hands in our pockets. Remember, banks don't give anything away for free anymore. They don't have to. Our government won't let them fail no matter what, and they'll continue grabbing money by the billions any way they can until they get slapped on the wrist.
Only we have the collective power to influence their practices.
