I don't think that consumers are aware of what they traded to get that convenience, though. Card companies have gone to great lengths to keep the costs hidden.

I don't think that consumers are aware of what they traded to get that convenience, though. Card companies have gone to great lengths to keep the costs hidden. They've even lobbied (so far, unsucessfully) to prevent merchants from charging extra for card transactions, which would make those costs all but invisible. Anecdotally, I know that I'm much more hesitant to whip out my card for that burrito when they added a $.45 convenience charge. I still use the card sometimes, but that one charge is enough to make me keep cash on hand. I wonder whether people would pay for the convenience if the true cost of it were more visible.