Comments by "May L" (@MeiinUK) on "Why Using Your Credit Card Is Getting More Expensive | WSJ" video.

And how much does it cost the tech companies, and the fibre network that was laid down, and the creation of those plasticky cards? The silicon in that mini chip. Actually, the entire cost of everything is MORE possibly expensive than the actual worker and the employees, and the cash itself. Have you ever thought about it like that ? Cos you guys exported the VISA system into Europe as well.. and have you noticed that the dollar is almost on par now with the UK pound ???? Just how did we got here ???? And THEN... you guys DARED to rob our pension pots as well, during the mega big American Sub -Prime situation... and UK helped bail out the US economy. Thank you America. Love you too !!!! (Not.)
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@shashankmishra02 : Because the ATM costs and the charges, are included into the bank's operations as well. It is just another way to show the accounting. So this is why. But I don't get the American way to do credit and debits. In Europe, most banks will have an ATM machine any way. And their charges, would've been added to the overall operation's of their business unit. And presumably, they issue a lesser interest rate, than the bank of england is because they have deducted the amount it takes for them to operate, and then they sell you that price. Whereas, I don't even get this "reward" issue in the US. I think it isn't "reward" than it is a case of "up sell" items, each time you use the card. Kind of thing.
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@jerradwilson : >.< (No way... sorry.... giggle Brit here.... OMG. I shall pretend that I did not just read that.)
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@shashankmishra02 : In the UK, we don't have that, I mean, we did have nationalised banks as well. Cos I recall my childhood bank account was based on one of those. So I did learn about the different interest rates and the charges and things. And yes, what was the financial sector in London, has nothing to do with the rest of the small banks in the UK. Most small banks, were linked to the main central bank. So there isn't this business of "government bank" versus "private banks". Many private private banks, really has to also follow the regulation AS well... (As to NOT increase, and ruin the cost of living ratio.) Within the UK. So.... I know that in HK, it is different as well, kind of similar to you guys in India.. They have SOOOO many banks, and SOOOO many credit cards, charges, and products. Keeping up with this is a NIGHTMARE !!! We don't have that in the UK. With any banks, you can have the different financial products, sure... but it is also still benchmarked. As in, you cannot be above or below your competitors' . I think this is so, because it is such a small and tiny market... But I think, ever since the UK joined the EU... things have changed, and I don't like where we are heading... It is not a good place. It will become similar to HK, as well as similar to the USA. This is why the USA had a LOT of financial bank runs, and things like that, and they cannot hold tight their actual businesses? And their businesses, do not actually know when to sell or not. And if you look at it the OTHER way... which, it is the banks, that is really controlling those company's stock levels... So that they can only have incentives, based on the number of items that they could have. Which is weird, in a way. Cos most people in the UK, we have to price-check instead. Meaning, there is the suppliers' price, and then there is the "middleman-middleman-middleman" end consumer price. Each time you move an item, you have to add the fuel charge/logistic charges on top as well. So it can end up as being more expensive than anything. So yeh, you can have like X, or X+% in the UK. Depending on how many times the item have been logistically moved. Right now, the logistic costs in the UK is so high... It can be like half the price of the item. IF the US have an actual direct debit situation, then I want to see the US to have a benefit system in place then. Then, this can cushion that contingency situation... if anything. If you cannot pay, then use the state's support, on top of the direction of rise in inflation...
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This is one of those things which I HATE with a vengence, cos you guys brought that onto us here in the UK too. Debit cards shouldn't charge, and considering that we can just walk down the road to get cash. And we are a small company, all of these "inter-company charges" that happens between buyer and sellers have increase exponentially in the past few years. Like in a mega big way ! And we are not even talking about circumventing things like country-to-country transactions.... This is the annoying thing. In the UK, and within Europe.. we are reaching that stage whereby, the "charges" is more than the value of the item that we are buying. The item can be like 10 pound, the charges added on top is like another 5 pound. Thank you tech companies ! Thank YOU Visa !!! Thank you. Thank you. Thank you. I hope your stock exchange keeps on giving ~~~ This is why most people start to have their own gardens and grow their own food. I have never known this kind of thing except in places like HK. Different banks and different credit card companies charging different rates etc... Which is a nightmare. The first time I went to the states and saw that you can use credit card to pay the parking metre, my eyeballs almost dropped out of its socket... Cos I knew that they would charge. And they did.
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