Summary
Small businesses are struggling with rising credit card swipe fees, which now average 2.26% per transaction and cost U.S. merchants $172 billion in 2023, a record high.
As shoppers increasingly use cards over cash, businesses face growing costs, with some passing fees to customers through higher prices or convenience charges.
Visa recently raised certain fees, sparking criticism from lawmakers and advocacy groups pushing for transparency and competition.
The bipartisan Credit Card Competition Act seeks to address swipe fee issues but remains stalled in Congress, leaving the conflict unresolved for now.
You're correct, but your method is very likely to result in systemic change without a huge catalyst to drive behavioral shift. It's more likely crypto being accepted will be the end of visa/MC as they own enough officials to never be in danger.
In the meantime, I churn credit cards and earn points and cash and have never paid them $0.01 of interest and have been a not insignificant cost to their profits. I understand these benefits are being paid for by others, but they would be in the same boat whether I was profiting off CC companies or not. It's not ideal, but is certainly the most pragmatic approach that anyone can take up individually.
Engaging parasite is feeding the parasite hence why I am shilling harm reduction tactics and not saving that v card for the utopia we promised on 20 years.
Every dollar spend in cash or check, is profit denied to the parasite.