I thought that the price of using a credit/debit card was the interest payed.

A friend owns a local gun shop. He used to mark on the price tag a "credit card price" and a "cash price." The credit card company found out about it and threatened to stop his ability to deal with the card company. Don't know if this is a widespread practice or just because of the anti-gun focus of many companies?????
 
If you pay $50 cash for something, and the next person spends $50 in cash and so on. The last person has $50.

If you pay with CC the next person gets $47 then $45.59 and so on. The banks love CCs
 
As earlier mentioned, I fully expect that within most of our remaining lives, and possibly sooner, there will be a government-mandated cash-free system. Everyone will have something like an individual National Bitcoin Purse. All of your monetary income is channeled into it, and all your expenditures are taken from it. No more pesky coins and pieces of green paper to fool with, and no bank accounts. Also makes it much easier for the IRS to track and tax you.
 
While it appears many on this board, as well as the public in general, have accepted the idea of a largely cash free society, I personally think it’s a mistake.

I think allowing and even encouraging the government, financial institutions, credit agencies, credit card companies and others to track, record and monitor everywhere we go, everything we purchase, everything we watch or participate and having our primary financial assets little more than digital entries in a computer network is fundamentally a dangerous trend.

But, here we are. And, we’re only going to go deeper down the rabbit hole.
 
My debit card is same as cash, no surcharges. Also very little "protection" should a purchase go South. I used to get $500 cash every 2 weeks up to a couple years ago. Now I use debit for everything (gas, groceries, bills etc). $500 cash lasts 2 months now, mostly used for tips. Joe
 
pharmer said:
My debit card is same as cash, no surcharges. Also very little "protection" should a purchase go South. I used to get $500 cash every 2 weeks up to a couple years ago. Now I use debit for everything (gas, groceries, bills etc). $500 cash lasts 2 months now, mostly used for tips. Joe
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Getting your CC skimmed at a gas pump is bad. Having it happen to your debit card is way worse.
 
That 3% has always been there. The banks charge the retailers that for the service of credit card transactions. But it’s a trend to add junk fees to everything now so on-the-shelf prices can stay low while out the door prices go up.

What makes no sense to me is in terms of time, it costs way more than 3% to drive to the bank and deposit the week’s checks and cash, and have your accountant reconcile the balance sheet. Unless people do that for free. The 3% makes all that happen virtually instantly.
 
Denverd0n said:
There has ALWAYS been a 3% fee for using a credit card. It's just that the law was recently changed to allow merchants to charge it to the customer, rather than absorbing it themselves. In the past, whether you used a credit card or paid cash, the fee was baked into the cost of the product you were purchasing. As someone who pays cash when I can, I'm glad to see it separated out so that I only have to pay it if I'm actually using a credit card!
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Like you said already factored in so you’re still paying the percentage just not getting charged. When more people used cash businesses made a killing on the fact that cash customers were balancing out then exceeding the price paid now more people use card no as lucrative
 
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