Originally Posted by
tmiw
I think there'd still be a use for credit cards in that scenario given that the US payments infrastructure still isn't as good as it could be (especially around security). I probably would just stick to one credit card from one issuer though.
Of course, this all assumes that interchange is actually capped on credit cards. I highly doubt that'll happen any time soon (if ever), but I can see merchants gaining the right to reject higher-tier cards while keeping the ability to accept debit and lower-tier credit cards. Who knows how that would affect things.
I just think they'd restrict it to only excellent credit risks and prob. cap the credit rates. This is what they used to do in the 80's and 90's when it was pretty hard to get a credit card from American Express or unsecured. Having a credit card back then seemed like a privilege, now the gov't wants to make it a right. Go figure. Anytime the gov't gets involved in anything, they make it more complicated and it hurts more people than help. One could say they will actually hurt the economy as people would then not have the ability to spend more to buy necessities. I never thought a credit or charge card was a right, but I guess Comrade Sanders and Comrade Cortez see it differently.