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Credit card processing costs in the US are absurd. Interchange fees are around 2% on average vs a cap of 0.3% for credit cards and 0.2% for debit cards in the E
by laurencerowe 3y ago
Credit card processing costs in the US are absurd. Interchange fees are around 2% on average vs a cap of 0.3% for credit cards and 0.2% for debit cards in the EU.
But cash handling costs a substantial amount too. We should probably all be paying by debit card and charging extra for cash or credit card.
- piaste 3y agoShould be noted that in most of the EU cashback programmes are also not as big as in the US. Never heard of anyone getting "2% back from everything". That said, a middleman that takes a smaller fee is still much better for the economy than a middleman that takes in an oversized fee and then magnanimously hands back a chunk of it. Especially when that middleman is a worldwide oligopoly with far too much power. I try to use local e-payment systems whenever possible.
- closewith 3y ago> Should be noted that in most of the EU cashback programmes are also not as big as in the US. Never heard of anyone getting "2% back from everything". Which, societally, is a good thing. Credit card rewards programmes are a tax on everyone that disproportionately affects the lowest earners who aren't availing of cashback.
- shapefrog 3y ago> Should be noted that in most of the EU cashback programmes are also not as big as in the US. If they charge 100% on everyones transactions then my delux diamond card (sorry you dont qualify) can give me 200% cashback and everyone else can go f' themselves. Ahh the land of the free