Why Cash Surcharges Are The Latest Scam, And Rewards Credit Cards The Answer
When you pay for something with a credit card, the business charges your card and you get the item or service. The business gets the purchase price minus the interchange or merchant swipe fee. That can run around 3% of purchase price, though it depends on the merchant (many big merchants pay less), on the amount of the sale (fees tend to be a higher percentage of small transactions), and the type of card that you use.
- The business gets convenience. It’s a simple transaction, and money electronically deposited in the bank.
- They can sell more stuff to consumers, who may not carry cash. They can sell…
