Originally Posted by
mikesyr18
People will never understand the difference of Visa cards and don't care to understand to.
If they need to, they will figure it out. It's not that hard to look underneath the Visa logo and see if it says "Signature" or "Infinite". Banks may also make this more prominent if needed.
"Rewards cards not accepted" is almost every card in existence. [/QUOTE]
Not at all. While frequent travelers with high credit scores use mostly rewards cards, they are a small portion of the market. There are plenty of non-rewards cards out there, and there will be more if merchants start to incentivize their use.
Originally Posted by
mikesyr18
Cashiers can't even figure out Apple Pay/contactless or what payment methods are accepted now... Do you think they'll understand which credit cards have rewards? For the most part, cashiers are very dumb people when it comes to payment methods, even though it should be a job requirement to understand them.
They could easily be trained to look for the word "Signature", "Infinite", "Platinum", etc., under the Visa logo. However, this could also be hard-coded into the system.
Originally Posted by
mikesyr18
If we see interchange fees drop to 0.05% or whatever, expect to see an increase in fraud protections at the point of sale, and little in rewards and benefits. But then again, that may be a good thing (if credit cards become less "tasty" for the consumer, the US may decrease it's overall credit card debt).
Much as I hate to say it, I think this may be good for the US overall. It would hurt most Flyertalkers, but you could argue that it is unfair that cash and debit users are subsidizing our free flights. I think that issuers will cut rewards before they cut fraud protections.