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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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.