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In nyc almost every service now charges a credit card fee. Cash is in its way back. Though... That's technically illegal in ny. They call it a cash discount th

• coldtea 3y ago
  Even without the retail-side "credit card fee" there would still be the upstream credit card fee the card company gets for each transaction. The law making the retail side cash-payment-discount illegal is anti-consumer. The "cash discount" is better for the customer: they get to pay less. The retailer could have as well incorporated it into the price (and applied it to both cash and credit card payment), and the customer would still be paying more while none the wiser. It should be the credit card companies charging for transactions that should have been illegal instead. Offer the same terms (0 charge) as cash. Make money on overdue fees and/or a small flat fee.
  • Justsignedup 3y ago
    You'd be surprised how much of a transaction goes into fraud protection. But CC companies make more money from interest/late payments than they do transaction fees. They _used_ to make money primarily on transactions, but that has changed since in the 2000s a couple of mathematicians proved they can make way more by being predatory.