this post was submitted on 16 Nov 2024
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Might be my background - lived half my life in a country where credit cards are interest-free for religious purposes - but 10% still seems insane.
I'd never heard of this, how do the banks make any money on the card, annual fees or something?
Processing or transaction fees. Anytime you use your card for a purchase the bank gets a cut of that. This fee can range from .1% to 4%, depending on the credit card processor.