Comments by "Doncarlo" (@doujinflip) on "How Capital One Is Robbing You With 30% Interest Rates" video.

  1. But discussing this top-vs-bottom "class conflict" gets labeled "socialist" and "un-American". Hence why the political debates stay limited to left-vs-right "lateral violence".
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  2. Small businesses are supposed to. But cash transactions can be easily falsified or omitted (especially if an exceptional one-off), while digital transactions always generate a record not in control of the tax-owing merchant.
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  3. It's exploitation only if you didn't zero your monthly balance like you were supposed to. All my cards have 20+% interest but I've paid none of that for over a decade. In fact I have to research both the APRs and the credit limits because I rarely come close to going over (basically only during multi-week work trips where it takes some time for the expense reimbursement).
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  4. The high interest is only a problem if you don't zero the balance every month like you ought to in the first place -- treat it as a charge card and it's effectively an interest-free loan, or even discounted if you put away the money to pay for it in a high-yield savings account. The only "consumer protection" that's technically lacking is the education to the average American about how to most profitably transact their money. Credit cards aren't loan sharks who would invent new debts or suddenly alter your payment schedule to squeeze more money out of you at their convenience (although that may not be so true about certain banks holding your cash on the other side of those payment processors).
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  5. It could seriously affect consumerism, which is how the US manages to have a more vibrant overall economy than all of Europe. The larger swipe fees comes back to cardholders in the form of purchase protections, cash back, and redeemable points, which if spent well (particularly on travel) can offer quite a steep discount compared to direct purchases. Notice how US versions of credit cards are far more generous in what they give back if the cardholder remembers that feature exists.
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  6. ​ @Perfidion Simultaneously, if fraud occurs on the credit card, it's the bank's money that goes missing and they have entire departments dedicated to investigating and getting it back. The danger with debit and cash is they're not nearly so motivated to help you out.
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