this post was submitted on 16 Nov 2024
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Might be my background - lived half my life in a country where credit cards are interest-free for religious purposes - but 10% still seems insane.
I'd never heard of this, how do the banks make any money on the card, annual fees or something?
They already make 2-3% on every purchase
No, we had a flat annual fee for usage. There was a fee for withdrawing cash but no making purchases.
Credit cards companies have a merchant fee, ussually around 2%.
It was illegal for vendors to charge a fee for card purchases, so if that was the case then they maybe just raised their prices.
Iirc, surcharging is only illegal in 4 states. However, theres a loop hole in thise states, giving a discount on cash purchases arent considered a surcharge...
The merchant is charged the fee, not you directly as the cardholder. It's already figured into the price if they accept cards.