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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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.

Ontheroad · M

@jackjones68 Debit cards get the same processing fees, at least they do in the U.S., and I'm fairly certain most everywhere else.

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