Roundup: Articles From Around the Web
Here are some posts from around the web that I thought you may find interesting. Let me know if there is anything good I missed. Email me anything awesome that you find, or write, at Mark@milestomemories.com.
Articles
The Post-Covid-19 Rules of Tipping – The Wall Street Journal
It has been something I have been struggling with. I find myself tipping more than I used to and then I am wondering when should I revert back to what it was. I have also noticed myself feeling like I should tip for things I didn’t used to just to help out.
Why you may want to use your airline points sooner rather than later – CNBC
I think it is worth just checking out the charts. The liability for these programs is at staggering levels right now. Easiest way to mitigate that is a devaluation.
The ugly truth behind your fancy rewards credit card – Vox
An interesting take and something that should be considered I think. I can see both sides of this. Merchants for sure have raised rates to cover credit card fees which hurts people not using credit cards etc. I am not sure what the solution is there but I found an interesting thought exercise. Some gas stations charge a lower price per gallon to encourage cash payments but I haven’t really seen anyone else attempt it.
Conclusion
Which article did you find most interesting? Remember to let me know of anything you come across that you want added into the next edition at Mark@milestomemories.com.
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The tipping debate is a tough one and I mirror your internal debate.
Ridiculous comments aside, as a business owner I can pretty definitely say that accepting plastic costs me more than accepting cash. VFTW had a nice counterpoint to the Vox article.
Vox is a Marxist rag that tries to make you feel guilty for having money. Nice try.
part of living in today’s society is to accept the system, which always tilts one way or the other, will never be on a level. you can focus on/amplify any aspect of it as needed (like this Vox’s article) and change your target at any time, even if just for the single purpose of just having something to say. there’re just too many arguments again & for both sides of the poor & rich.
I’ve seen a hair salon charge 2.62% for using a credit card. This is on top of a $53 men’s haircut (with an actual stylist who takes an hour). Jovino Gun shop charged $1 extra in the past for pepper spray ($25). I predict that these smaller businesses are more likely to charge extra for accepting a credit card and they prefer cash because the owner is there everyday to collect it. Big companies like Walmart, Stop and Shop, Apple, or Red Lobster of course won’t charge extra because credit card spending drives up volume of purchases. Some “hip” millennial small businesses accept only credit cards because handling cash takes more time consuming accounting (vs everything automatically accounted for with credit cards), increases the risk of employee theft, and there is a risk of robbery.
We never know when the government will put a cap on interchange fees like they did with debit cards (until some of us gain independence like in 1776 again) so it is best to take advantage of all opportunities now and enjoy ourselves. Capping interchange fees of course won’t do anything to lower prices (prices are sticky, businesses won’t pass on savings, and theft will eat away savings). Credit cards help lower prices for all consumers in big box stores because more people purchase things with credit than cash and more volume allows businesses to lower prices. Poorer people certainly benefit from the cheapest prices at Walmart. I do understand the argument of higher prices at small businesses.