Now then, which one is more profitable? =)
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For citizens? The National Post. Unlike American Express and many other institutions fundamental or accessory to credit card companies it takes blow after blow without requiring billions in bailout money every other time a market farts.
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They also take up to several days to give refunds, but have no issue taking money in an instant
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Virtual money requires virtual issues and delays. The technology just isn't there yet.
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Don’t look into Ticketmaster ‘convenience’ fees.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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I largely agree but the banks do incur extra costs on chargebacks because it triggers an investigation. That used to be a person but I’d imagine these days they try to auto close them with some expert engine.
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But passing on the chargeback is what ensures that these critical infrastructure holes don't get fixed. If the companies themselves needed to pay the costs, then they would have solved poor credit card security a long time ago, because it would impact their bottom line.
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I think the idea of the charge back fee is really to make it so that fraud and other customer-unfriendly practices won’t pay. (Also, AMEX doesn’t levy charge back fees. However, there is no appeal if they reverse a transaction.)
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But the fraud is often not on the part of the merchant, it is on the part of the fraudulent customer, which the merchant did not know, and was enabled by the terrible design of credit card security.
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I don't want to imply I am interested in defending credit card companies. I believe that the intention is that the charge backs are a way to disincentivize bad actors before freezing accounts. Otherwise the real loser is the buyers time and money until the refund processes.
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Though I would also say that my more charitable interpretation about chargebacks creation is not a reasonable justification for its existence in our current system.
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