That's true for online stores but not necessarily offline, where it's hard to compare prices and it's much more convenient to go to store nearby even if they charge 10% more unless you're buying something expensive.
I'd take my chances with some stores passing on the 3% in cheaper prices (thanks to competition) and others pocketing the profit over the status quo any day.
It'd still be a net win for many people, and the end of what is effectively a redistribution from low-credit to high-credit (i.e. effectively poor to rich).
