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A lot of the fee goes to the customer's bank that funded the transaction, which is what enables Credit Card rewards programs. If you limit that fee (like the E.
by judge2020 3y ago
A lot of the fee goes to the customer's bank that funded the transaction, which is what enables Credit Card rewards programs. If you limit that fee (like the E.U. has), Visa et al. don't go out of business, but then you won't see any similar level rewards programs like we have here in the US (e.g. 2% back on everything, or 3-5% on specific categories, etc).
- tjoff 3y agoSuch fees just encourages bad incentives. Such as terrible security because reimbursing people / financing organized crime is cheaper (cheaper for the bank, of course much more expensive for society).
- gazby 3y agoIs it just me who'd prefer they just didn't take my money in the first place...?
- cj 3y agoAt this point, every local restaurant in my area is charging 2.9% fee for using a credit card. Let's just lower these processing fees, get rid of credit card rewards, and small businesses can stop charging fees for using credit cards for payment.