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Would that actually be true for credit cards? With the sheer volume of global electronic card transactions nowadays (168 Billion transactions in 2013 [1]) it s

Would that actually be true for credit cards? With the sheer volume of global electronic card transactions nowadays (168 Billion transactions in 2013 [1]) it seems they'd be multi-billion-dollar businesses just on card transaction processing fees alone. On top of that, many cards charge an annual fee as well. Seems they could survive even if everyone paid their card off every month. [1] http://www.nilsonreport.com/publication_special_feature_article.php http://www.nilsonreport.com/publication_special_feature_arti...

PhantomGremlin 11y ago
Seems they could survive even if everyone paid their card off every month. They could survive, but they wouldn't like it. They call people who pay off every month "deadbeats". You can't make this stuff up!!! http://www.creditcards.com/glossary/term-deadbeat.php http://www.creditcards.com/glossary/term-deadbeat.php
URSpider94 11y ago
Nope, because of fraud expenses, new customer acquisition and customer rewards, the fees from transactions alone aren't nearly enough to make them profitable. Discover is right now giving me 10% cash back on Apple Pay purchases made in person ... :)