The estimable Mallory Duncan, general counsel for the National Retail Federation, wants card-acceptances fees for merchants lower than they can get in the market. He criticizes banks pushing reward-rich credit cards over debit cards, declaring, “If someone has a choice between [pushing] steak and beef stew, they make more money on steak, so they’ll push the steak.”
But why shouldn’t consumers have steak — with a grace period, rich rewards, an option to draw down credit anywhere, anytime, and global acceptance and access to cash — if they prefer it? Government price controls of payment-network fees consign consumers to watery beef stew.
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