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The Biden Administration Takes a Swipe
at Credit Card Industry

Original Article

Posted By: FlyRight, 3/26/2024 6:01:51 AM

Now they're trying to stop Capital One from acquiring the credit card company Discover. That's a bizarre cease-and-desist order, because this acquisition by Capital One would INCREASE rather than inhibit competition in an industry that processes two-thirds of retail store and online transactions worth $5 trillion each year. Americans love swiping and tapping for their shopping. To suggest that the acquisition of two companies that control less than 10% of the market is anti-competitive is a proposition that borders on the absurd. For years the Federal Trade Commission and retailers have argued falsely that there isn't competition in the credit card market. There are dozens of credit cards issued by banks and retailers

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Reply 1 - Posted by: Skinnydip 3/26/2024 8:00:01 AM (No. 1685860)
A first grader has a better understanding of finance than this administration.
7 people like this.

Reply 2 - Posted by: downnout 3/26/2024 8:00:29 AM (No. 1685861)
What happened? Biteme used to be known as the senator from MBNA.
10 people like this.

Reply 3 - Posted by: Sorosisbehindit 3/26/2024 8:32:07 AM (No. 1685898)
Everything I depend on seems to be disappearing. Cox is selling my email privacy to yahoo. My regional bank got bought by a big national bank. Big companies are offering too much cash to resist.
4 people like this.

Reply 4 - Posted by: FormerDem 3/26/2024 8:46:11 AM (No. 1685916)
he has a history of being supportive to the point of excess, of the credit card industry. wasn't he known as The Senator from MBNA?
7 people like this.

Reply 5 - Posted by: Strike3 3/26/2024 9:00:45 AM (No. 1685931)
Since Delaware houses many credit card corporations there must be some money in stopping this deal for Biden. Why else does he meddle in anything? There may not be a monopoly in the credit card industry but they all act the same, impose hugely inflated interest rates to cover losses to deadbeats and nickle and dime both the customer and the retailer to death with every swipe. I use cash when possible to avoid the fees and information tracking but these things are unfortunately necessary for online purchases.
1 person likes this.

Reply 6 - Posted by: red1066 3/26/2024 9:17:56 AM (No. 1685945)
Wilmington and the surrounding area were completely changed starting in 1980 when Delaware allowed banks and credit card companies free range to charge whatever rates they wanted on credit cards. The Wilmington area real estate prices went through the roof when all those employees working for the credit card companies and banks started buying property. My grandparent's property for example sold for less than a hundred grand after my grandparents passed away, and then sold for over eight hundred thousand a dozen years later. Fields and woods were turned into housing developments with homes costing almost a million dollars or more. In addition, the amount of traffic increased and even side roads became clogged with traffic. Then the road work started everywhere to ease traffic congestion. Forty years later, what was once a rural area outside of Philly, is now a suburban mess with all the problems of an urban area.
3 people like this.

Reply 7 - Posted by: Old Army Vet 3/26/2024 9:32:58 AM (No. 1685963)
This administration, especially Brandon, is the biggest gathering of morons since the three stooges. My apologies to the stooges.
5 people like this.

Reply 8 - Posted by: stablemoney 3/26/2024 9:44:22 AM (No. 1685972)
Discover is an awful card company, and the best thing that can happen is for someone to acquire them. But the Biden administration, pretending to be progressive, opposes all progress, and everything that is not detrimental to any American citizen.
2 people like this.

Reply 9 - Posted by: DVC 3/26/2024 12:24:45 PM (No. 1686129)
We use credit cards all the time...and pay them off 100% each month, and pay nothing in fees or interest ever. If a card company tried to charge us a fee, we call up and get the fee removed or cancel the card. We have great credit, many companies want us as customers, so WILL NOT pay any fees for a card. ONLY free cards, and we don't pay interest because we pay our bill fully. Great deal. But people who use credit cards for a loan....HORRIBLE DEAL, terrible interest rates. Don't do it.
4 people like this.

Reply 10 - Posted by: danu 3/26/2024 4:13:13 PM (No. 1686307)
does the first gangsta get first 10% of the bloated usurious interest rates?
2 people like this.

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Posted by FlyRight 3/26/2024 6:01:51 AM Post Reply
Now they're trying to stop Capital One from acquiring the credit card company Discover. That's a bizarre cease-and-desist order, because this acquisition by Capital One would INCREASE rather than inhibit competition in an industry that processes two-thirds of retail store and online transactions worth $5 trillion each year. Americans love swiping and tapping for their shopping. To suggest that the acquisition of two companies that control less than 10% of the market is anti-competitive is a proposition that borders on the absurd. For years the Federal Trade Commission and retailers have argued falsely that there isn't competition in the credit card market. There are dozens of credit cards issued by banks and retailers
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