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Amex pays me over a thousand dollars a year to use my credit card (which it takes from the merchants as fees.) I kinda feel bad about that, but I know those fee
by hahajk 5y ago
Amex pays me over a thousand dollars a year to use my credit card (which it takes from the merchants as fees.) I kinda feel bad about that, but I know those fees are built into the price and if I used cash or debit I’d still be paying the same price, just not get the reward.
But if they accepted lightning payments, I would pay them in BTC.
- tcgv 5y agoI used to ask "can you give me a discount if I pay in cash?" and most of the times the merchant would say no. Then I stopped asking and started using only credit cards for at least earning some "rewards" back. ("rewards" purposely in quotes since it's not really a reward, but amex/visa/mastercard want us to think it is - there's no free lunch)
- markdown 5y agoIn my country you pay extra (2.5%) at the checkout counter for using a credit card.
- kijin 5y agoIn my country that would be illegal. Here, the price is fixed first, and the customer has the right to choose any supported method of payment. Merchants are free to offer more reward points or discount coupons for cash payments, though.
- drdec 5y agoThe proper term for these "rewards" is kickback.
- oneplane 5y agoThey advertise it as 'paid by merchant fees' but somewhere in a ledge or spreadsheet everyone makes a profit except the individual consumer. Maybe the prices are higher in general, maybe there are some consumers where more value is extracted than from others, but money doesn't appear out of thin air (except when you get into the whole derivatives gamble). Someone, somewhere, gets screwed over when a bank or credit company "gives" you money.