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Credit card fees in general are like an extra tax. And credit card companies have so much power they have pushed the cost onto all transactions, even those tha
by kybernetikos 5y ago
Credit card fees in general are like an extra tax. And credit card companies have so much power they have pushed the cost onto all transactions, even those that use cash (by forcing merchants to eat the cost difference, they push all prices with that merchant up).
- dangrossman 5y agoThis is something people say often, but studies put the cost of accepting cash for retailers at 4.7-15.3%, which is higher than the cost to accept credit cards. If anything, it's the high cost of handling cash built into prices that's increasingly burdening credit card users in stores, not the other way around.
- kybernetikos 5y agoI would take that as an argument that we should have better 'cash' that has lower costs to use.
- nrmitchi 5y agoTbh these are debit cards. The Durbin Amendment limited the interchange that count be charged on debit transactions (I think the average is something like 0.3% now), so everyone was pushed towards "credit" products instead.