A Boring Dystopia

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More Americans are financing groceries with buy now, pay later loans — and more are paying those bills late, survey says (www.cnbc.com)

submitted 1 day ago by [email protected] to c/[email protected]

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[–] [email protected] 25 points 1 day ago (3 children)

Not exactly. Card benefits come directly from fees charged to merchants, which is why processing fees vary wildly from card to card and the merchant has no clue what their fees are going to be per transaction (though this is starting to change with services like Stripe charging a flat percentage+ transaction fee). Interest and the like are pure profit for CC companies. You as the cardholder receive the benefits even if you carry a balance.

[–] [email protected] 4 points 1 day ago

I think a lot of people don't realize what a big piece merchant fees are. This is why so many places just don't take AmEx.

https://www.bankrate.com/credit-cards/business/why-american-express-isnt-universally-accepted/#why

"Visa and Mastercard tend to charge credit card processing fees between 1.15 percent + $0.05 and 2.5 percent + $0.10 per transaction. American Express charges 1.43 percent + $0.10 to 3.30 percent + $0.10 per transaction. That means if a business sells $10,000 in credit card transactions per week, they could pay around $115 to $250 in Visa and Mastercard fees versus around $143 to $330 in Amex fees."

Now that CapOne is trying to buy Discover, I have no idea what that will mean...

https://www.kiplinger.com/personal-finance/credit-cards/capital-one-and-discovers-merger-approved-heres-what-it-means-for-your-wallet

[–] [email protected] 15 points 1 day ago* (last edited 1 day ago)

Yes precisely, and merchants increase their prices to account for those unknown processing fees since it varies wildly from card to card.

If you carry a balance, you will pay interest, hence reducing the value of your rewards.

[–] [email protected] 4 points 1 day ago

and since you’re paying through the cost of groceries etc whether you get the benefits or not, you may as well get the benefits