Compare that to the ~30% I’ve seen, that’s sadly an amazing shift (lol, which won’t ever happen with the fascist caucus), but I commend Bernie for trying.
Processing or transaction fees. Anytime you use your card for a purchase the bank gets a cut of that. This fee can range from .1% to 4%, depending on the credit card processor.
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.
Compare that to the ~30% I’ve seen, that’s sadly an amazing shift (lol, which won’t ever happen with the fascist caucus), but I commend Bernie for trying.
I’d never heard of this, how do the banks make any money on the card, annual fees or something?
They already make 3% on every purchase
No, we had a flat annual fee for usage. There was a fee for withdrawing cash but no making purchases.
The merchant is charged the fee, not you directly as the cardholder. It’s already figured into the price if they accept cards.
Yes, we had a flat annual fee for use.
Processing or transaction fees. Anytime you use your card for a purchase the bank gets a cut of that. This fee can range from .1% to 4%, depending on the credit card processor.