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Thread: Wal-Mart opposes $6 billion Visa-MasterCard fee settlement

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    Re: Wal-Mart opposes $6 billion Visa-MasterCard fee settlement

    I hate Wal-Mart and I hate the credit card companies. I am so conflicted.

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    Re: Wal-Mart opposes $6 billion Visa-MasterCard fee settlement

    Quote Originally Posted by lpast View Post
    WOW!!!!! 6billion and walmart says its not enough...I admit im happy as hell the big banks have been getting busted quite regulary...maybe, just maybe they will get sick of paying fines and start being HONEST...what a change that would be huh


    Wal-Mart Stores is urging retailers to reject a proposed $6 billion settlement that Visa, MasterCard and major banks have agreed to pay retailers for alleged fee fixing.
    The settlement, reached earlier this month, had been considered a victory for retailers. It settled a lawsuit alleging that card issuers conspired to fix merchants' fees for accepting credit cards.
    Retailers have long complained about the billions of dollars in "swipe" or "interchange" fees they have had to pay, which average about 2% of the price of a purchase.


    Wal-Mart opposes $6 billion Visa-MasterCard fee settlement
    I don't know why everyone wouldn't applaud WalMart's resisting the settlement thinking it's not enough. We certainly don't have enough information to put all the facts into perspective. Quite obviously, those 2% fees get passed directly on to the consumer. And, in fact, we are going to have to begin paying fees ourselves for using credit cards.

    Combine this with the fact that many credit cards are charging what I consider to be usury rates when interest rates are near zero, and I think one can easily make a case for bank's being greedy, not WalMart.
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    Re: Wal-Mart opposes $6 billion Visa-MasterCard fee settlement

    Quote Originally Posted by specklebang View Post
    OK. Nobody loves Walmart except for really obese people but that has little to do with the discussion. Walmart's concern seems to be regarding the fees and thats a realistic concern.
    Nobody really loves walmart except for its stakeholders. I respect walmart for having grocery, electronics, spirits, textiles, etc..., and an assortment of various services (think hair cuts and nails) all under one roof. But love? I doubt the majority of people are not that easy.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
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    Re: Wal-Mart opposes $6 billion Visa-MasterCard fee settlement

    Quote Originally Posted by MaggieD View Post
    I don't know why everyone wouldn't applaud WalMart's resisting the settlement thinking it's not enough. We certainly don't have enough information to put all the facts into perspective. Quite obviously, those 2% fees get passed directly on to the consumer. And, in fact, we are going to have to begin paying fees ourselves for using credit cards.

    Combine this with the fact that many credit cards are charging what I consider to be usury rates when interest rates are near zero, and I think one can easily make a case for bank's being greedy, not WalMart.
    walmart is always greedy. walmart is not rejecting this because they think it is right or because they it will help anyone other than themselves. they just want money. personally i would rather see the credit card companies keep all the money than give those greedy ****s on the walmart board of execs or shareholders a penny.
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    Re: Wal-Mart opposes $6 billion Visa-MasterCard fee settlement

    Quote Originally Posted by muciti View Post
    The business model where business under pay employees so that they can make a living wage, screw them over by offering the minimum benefits required, importing as much stuff from sweat shops as possible to keep prices lower than other stores thus forcing anyone who wants to stay in business to lower their wages and benefits for employees. Gotta love a business model that virtually ruins the lower and middle classes at the expense of slightly lower prices. You shoulld really think about why walmarts prices are lower yet they make so much more than anyone else. They make their money at the expense of our economy
    Walmart has cheaper prices because of volume buying.
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    Re: Wal-Mart opposes $6 billion Visa-MasterCard fee settlement

    Quote Originally Posted by MaggieD View Post
    I don't know why everyone wouldn't applaud WalMart's resisting the settlement thinking it's not enough. We certainly don't have enough information to put all the facts into perspective. Quite obviously, those 2% fees get passed directly on to the consumer. And, in fact, we are going to have to begin paying fees ourselves for using credit cards.

    Combine this with the fact that many credit cards are charging what I consider to be usury rates when interest rates are near zero, and I think one can easily make a case for bank's being greedy, not WalMart.

    umm maggie Im not against walmart on the issue of credit cards...if I had to choose between walmart and big banks as to which screw americansm ore...it would be BIG BANKS by a landslide

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    Re: Wal-Mart opposes $6 billion Visa-MasterCard fee settlement

    Quote Originally Posted by Harry Guerrilla View Post
    Walmart has cheaper prices because of volume buying.
    ...and has been proven at various times to cheat employees out of fair compensation.

    walmart wages lawsuit - Google Search
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    Re: Wal-Mart opposes $6 billion Visa-MasterCard fee settlement

    Target is my store, and Target is siding with WalMart. In all, I support WalMart and Target holding the line for a more favorable settlement.

    I learned an interesting thing when I opened my Chase checking account a few years ago. We would earn points on all credit card transactions we made (but NOT debit card transactions). I found out why.

    For example, when you use your debit card or credit card at a store or online, there is a hidden fee that is charged by the card-issuing banks to process this transaction. For debit card transactions processed as “credit,” this fee is 2-3% of the total purchase price; for transactions run as “debit,” it is roughly 1% of the total purchase price. For purchases using a standard (non-debit) credit card, the swipe fee can be as much as 3% or higher, depending on the extended rewards associated with your card.

    Swipe Fees Definition & Example | InvestingAnswers

    They tried to incentivize us to earn better fees for themselves, and it appears to be all upside from our perspective, until you realize that the store you buy from will have no choice but to raise prices to cover the cost of the higher fees.

    Of course, if more people paid cash, the banks would get nothing.
    The morality of abortion is not a religious belief, any more than the morality of slavery, apartheid, rape, larceny, murder or arson is a religious belief. These are norms of the natural law of mankind and can be legislated even in a completely religionless society.

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    Re: Wal-Mart opposes $6 billion Visa-MasterCard fee settlement

    $6 Billions is a drop in the bucket to Visa-MasterCard.

    Problems with WalMart?

    First, they highlighted are absolutely, totally corrupt and for-sale President Obama is when he gave WalMart exemption from ObamaCare - with each of the Walton children worth around $20 BILLION EACH.

    Second, WalMart sells crap quality. They demand the absolutely lowest supplier costs totally indifferent to quality. So the IDENTICAL product form a company likely is much, much lower quality at WalMart than elsewhere. This is part of "low prices" - cheap junk you have to replace over and over again. I bought some electrical fittings at WalMart because it was afterhours for other businesses. There was so little metal the crimper literally had nothing to grab onto and just threw them away. I suspect nearly anything WalMart sells ends up in the trash quickly.

    Cheap crap usually is the most expensive in the long run because you have to constantly replace it. Unfortunately, because of WalMart increasingly cheap crap is all you can buy.

    Third, WalMart, like so many mega companies, are going to single manufacture product lines. You buy that company's product or nothing, because WalMart gives no option to customers otherwise. That, when combined with it being made as cheap and crappy as possible and still maybe work - means companies go out of business unless doing business with WalMart with the cheapest crappy version of the product - which then other stores have to sell because that's the only company left.

    Home Depoist and many others now are following the single product line model - and of course 95% of that is from China.

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    Re: Wal-Mart opposes $6 billion Visa-MasterCard fee settlement

    Quote Originally Posted by Harry Guerrilla View Post
    Walmart has cheaper prices because of volume buying.

    That really isn't the only reason. They demand cheapness of products including below reasonable quality levels.

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