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.
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.