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Are you throwing money away?

I just did a quick calculation on the fees I pay for using a credit card to pay for everything... well everything but utilities and rent.

We don't often think of it, but we pay 3 to 4% extra each time we use a credit card. Sometimes it is added on when you pay and sometimes it is rolled into the price you pay, but we pay it.

For me, it's about $80 a month. So yeah, a cashless world is costly.

This goes for debit cards as well.

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Lilymoon · F

For sure... fuckers are gonna get ya every way they can. (pardon my lingo) lol

Ontheroad · M

@Lilymoon Right? Banks are seriously a bunch of mofos. Charging us for zero work... guess we are in the wrong business.

Ontheroad · M

@Lilymoon

Handfull1 · 61-69, F

Not sure this always holds true. Many businesses eat the fee and charge the same whether a cash payment or not. Granted in the long run you might be paying for others using their credit card even if you don’t as businesses must maintain profit. You need to find a good credit card with cash back or rewards to offset some of this.

Ontheroad · M

@Handfull1 Some small businesses do, more or less eat the cost, but the cost is calculated and their overall prices reflect the cost. They have to. No business can lose 3 to 4% without in one fashion or another, recouping that cost.

Yes, cash back cards do help.

Handfull1 · 61-69, F

@Ontheroad exactly, that’s why you individually will pay regardless if you pay cash or not. Some businesses are starting to discount for cash but very few.

Ontheroad · M

@Handfull1 no arguments there, we pay. One way or another, we pay. Even those who use debit cards. We all pay.

jackjones68 · M

Dont you have debit cards? They are provided by your bank and there are no fees to use them. some are even free to use in a different country.

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jackjones68 · M

@Ontheroad No fees in The UK on debit cards they are free to use and if there is a charge its around 0.2% depending on what you are using a credit card for most transactions are free too.

Ontheroad · M

@jackjones68 Awesome, the fees in the U.S. are typically higher.

jackjones68 · M

@Ontheroad even my business debit card is free to purchase anything from a bottle of glue at £12 to a pack of timber at £7000

hunkalove · 61-69, M

One reason why I don't have credit cards. I use my debit card and I get interest on it, though just a pittance.

Repete · 61-69, M

@hunkalove I don’t own a credit card either, I do have a debit card but I don’t use that very often.

Ontheroad · M

@hunkalove Debit cards get a processing fee too.

hunkalove · 61-69, M

@Ontheroad Mine doesn't. Or I don't have to pay it.

CrazyMusicLover · 31-35

I try not to but inflation is devouring it anyway.

Ontheroad · M

@CrazyMusicLover Yeah, it has been crazy and the big problem is that while the supply problem is mostly resolved, manufacturers, stores, etc., are holding steady with the high prices... as in price gouging.

Fertilization · 36-40, F

Atleast someone is talking about it.

Ontheroad · M

@Fertilization I've always known it costs me to use a credit card, but I never ran the numbers until I saw a news article talking about credit card fees... then I did a quick calculation and was quite surprised.

SW-User

It's for a good cause, as i see it. All my expenses are of a passionate nature. No regrets as that French song goes.

cinsac

God, I hope not, I need every cent I have.

Hanginginthere · 31-35, M

exactly why people will never get out of C.C debt

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