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> I believe the term the credit card companies have for me is a "deadbeat". Nope, they're still collecting interchange fees [1] from everyone you do business w

• pasbesoin 10y ago
  It's worth pointing out that as cc payments have become ubiquitous, theses fees are built into the pricing we are all paying. Essentially, the participation and dominance of credit card transactions in our (U.S., at least) economy maintains a some-percent elevation in consumer prices. That "toll" going in large part straight into payment processors' and banks' pockets. If you do pay by another means, perhaps the seller gets a bit more on that particular transaction. But I've talked with many small business owners who greatly lament these transaction fees. Not insignificantly, because they've been unable to compete with the negotiating power of big business, the latter as a result getting lower fees and a resulting competitive advantage. As for "deadbeat", I've heard that term before, used for precisely the circumstance described. Are they "losing money"? I doubt it. But along with oligopoly comes an oversized dose of greed. And some portion of management looking to sell their own performance by upping the return/profit rate on extant accounts. Or something like that, no doubt.
• iofj 10y ago
  In total, yes, but probably VISA gets about half what you get in fees, and your bank gets the other half.