3 ms·
The customers pay for it, through higher prices. Those paying in cash and receiving nothing in return suffer the most. But in general everyone apart from Visa &
by trompetenaccoun 3y ago
The customers pay for it, through higher prices. Those paying in cash and receiving nothing in return suffer the most. But in general everyone apart from Visa & co loses.
Visa's stock price hasn't taken off the way it did for no reason, it's a genius business model since the majority of people don't even understand it. They think they get cashback, they don't understand where all those fees come from that visa earns. Credit cards the way they exist today are one of the biggest legalized scams in history.
- bombcar 3y agoIt's getting a bit better now that they finally broke the back of the "if you take credit cards you must not provide a cash discount" which was straight up anti-trust monopoly abuse. Now most of the smaller restaurants around here have a sign saying "prices reflect a 3% cash discount" - and the auto repair shop charges 3% to use a credit card but nothing to use debit or cash.