New answers tagged shopping
2
There are two ways that they make their money:
Vendor fees - they charge vendors 2-3% every time you use the card. Of course since credit is the biggest form of payment nowadays, this charge is just baked into their prices, so you're really paying it in the end
Interest/late fees - if you find yourself in the unfortunate situation of not being able to pay ...
6
Banks generally charge retailers between 2% and 3% for processing credit cards charges, and the 1% cashback to you comes out of that. They still make money on the remaining 1% to 2%, assuming you’re a good credit risk. And cashback isn’t available on cash advances, so your plan to get cashback on a cash advance involves someone committing fraud — whether it’...
3
The catch is that they charge merchants more money to be able to use that card network at all.
There is nothing for the consumer to worry about. Yes, there are communities of people that try to game these systems for more advantages. Most cash back cards have limitations in the fine print on how much cash back they'll give, not your problem if they don't. ...
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