Government price controls don’t work.
I agree that government price controls never work, and never will. However, the banks were charging exorbitant fees for them to have the pleasure of offering credit.
Have you ever had a teen in your home receive a credit card without your permission?
The cap on fees is the only part of Frank Dodd that I’ve seen to be a good thing. I’m sorry that the Fed chose to intervene and raise the fees.
However, I will say this...whether or not you use your card...you can pay with cash until the cows come home...the cost of the swipe fees are passed on to the consumer.