It was bound to happen. I assumed we would hear more the other day when I read American Express’ latest plan for its ‘cash back’ card. This was the most generous cash-back deal I had ever seen for a credit card. I wondered how many additional merchants would refuse to accept American Express.
There used to be some ‘Je ne sais quoi’ to using an American Express over the more pedestrian VISA or Master Card. I also remember the time when you needed a large vest pocket wallet to carry all 12 or so credit cards that you played like a piano and kept your credit playing the field.
But the people getting squeezed in these various rewards programs are the merchants who have to accept credit cards to stay in business. And don’t forget that even a debit card, either in card form or held in a smart phone, carries a small charge for the merchant.
It must have been this pandemic that shoved us towards a cash-less society. People must have felt that cash money was a source of COVID. Credit and debit cards are now in control. I am considered old-fashioned because, when I take the wife out to a restaurant, I always make sure I also have enough cash on me in case the restaurant’s credit card system in not working. Mind you, at current prices, I might have to arrange a line of credit to have that much cash on me.
And you know just whom to blame for this contretemps: Telus. Only a telecom giant would have the chutzpah to blow the whistle on the credit card industry. It’s been a long time coming but the battle of the giants is about to begin.
Of course, Bell, Rogers and Videotron have ‘no comment’ at this time but they will be on board promptly if Telus can get the cash flowing.
And I know what their customers will say: “What’s another 1.5 per cent when you are being ripped off by both the bank and the telecom?” I am currently grandfathered on my bank accounts as I have had them since before the banks realized they could charge for their clients’ account activity. And I only pay $10 per month for my cell phone anyway! I will wait and see if my cell supplier needs another 15 cents per month. It might not be a deal breaker.
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Copyright 2022 © Peter Lowry
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