Recap: Credit Karma To Pay Out $3M, Visa & Mastercard Fees & More

 

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T. Taylor
T. Taylor

I was always skeptical of these pre-approval offers from Credit Karma and others. It is good to now know for sure that my pre-approval skepticism was 100% justified.

P
P

These banks and financial services providers need to stop using the term “pre-approved.”

Kevin R
Kevin R

Alot have changed the wording to “preselected”.

Samantha
Samantha

Its Not only Credit Karma, even its other Banks too they are sending letters of pre-approvals when we applied it got declined for Example ( Capital One) They messed up my Credit score .

FJBiden
FJBiden

I remember the advice John Lennon once gave me…”Instant karma’s gonna get you!”…

Mark
Mark

Regarding the Visa and Mastercard fees, this is about as crazy as it gets. They want to use the service AND they want to dictate what the service should cost ?? Hey Walmart and Target, no one is forcing you to accept Visa and Mastercard. If you don’t feel that you are getting enough value at the current price, then just drop it and accept only cash.

Spiel
Spiel

“Swipe fees for credit cards are higher in the United States than anywhere else in the industrialized world—more than seven times as high as Europe”

i suppose you support the pharmaceutical and healthcare industry pricings as well?

Kafka
Kafka

Not going down that rabbit hole, but yeah, in the EU combined card fees are <30% of the US in most cases. They also have protections on how card holders' data can be used. Everyone seems pretty happy with that situation. Granted, cash back or rewards are pretty rare.

Lrdx
Lrdx

I think part of the issue is, if you are accepting customer Visa debit cards (what are already have regulated fees), you must accept Visa Infinite credit cards with high fees too, as per Visa’s contact. Same for MC.

It would be pretty annoying if vendors wouldn’t accept premium credit cards, because they cost them more..

But yeah… Walmart, feel free to start a new payment network if you don’t like the current ones, free market or something. Sears did it, so can you.

IronChef
IronChef

” feel free to start a new payment network if you don’t like the current ones, ”
If you’re loaning me a couple hundred million to start one, count me in.

David
David

I think the argument is mostly that 1) Visa and Mastercard are indirectly colluding to keep fees high and 2) Visa and Mastercard collectively form a monopoly on payments.