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I don't know where you're from, but credit cards in the US and Canada are not only free, but they pay me a 1% bribe to pay by credit whenever I have a choice. A
by aianus 13y ago
I don't know where you're from, but credit cards in the US and Canada are not only free, but they pay me a 1% bribe to pay by credit whenever I have a choice. And because of their oligopoly on electronic payments, they're able to force merchants to sign contracts stating they're not allowed to charge an additional fee to consumers who pay by credit.
Therefore it's almost always cheaper for me to pay by credit than any other form of payment.
- ekianjo 13y agoOk, maybe that's the case in the US/Canada only then. But try travelling around the world with your credit card, and you will be charged commissions when using your card abroad. By the way, there's nothing free even if it's free for you. Merchants have to pay the cost of providing Mastercard / visa payments and that cost makes it to the price of goods they sell. So you are paying the cost no matter what.
- aianus 13y agoI'm well aware that credit card payments are not free for the merchant, and I ask if there's a cash discount whenever possible (gas stations and family owned businesses). That said, the alternative of using cash has its own costs in the form of more robberies and accounting and transportation and security. Those costs are also passed onto the consumer eventually.
- ekianjo 13y agoYeah, and that's where Bitcoin can improve over both credit card and cash, by providing a reliable service with way lower costs for the merchant.
- aianus 13y agoBut nobody (other than die-hard fans) will use it unless there's a personal benefit. You have to offer at least enough of a discount over the credit card price to cover the lost credit card rewards.