this post was submitted on 16 Nov 2024
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Might be my background - lived half my life in a country where credit cards are interest-free for religious purposes - but 10% still seems insane.
I'd never heard of this, how do the banks make any money on the card, annual fees or something?
They already make 2-3% on every purchase
Which is an insane return by itself if people use their cards for everything, as they do in the US.
No, we had a flat annual fee for usage. There was a fee for withdrawing cash but no making purchases.
Credit cards companies have a merchant fee, ussually around 2%.
It was illegal for vendors to charge a fee for card purchases, so if that was the case then they maybe just raised their prices.
Iirc, surcharging is only illegal in 4 states. However, theres a loop hole in thise states, giving a discount on cash purchases arent considered a surcharge...
The merchant is charged the fee, not you directly as the cardholder. It's already figured into the price if they accept cards.
Processing or transaction fees. Anytime you use your card for a purchase the bank gets a cut of that. This fee can range from .1% to 4%, depending on the credit card processor.
Yes, we had a flat annual fee for use.