- Centurion Member
- Posts: 875
- Joined: Thu Apr 30, 2009 2:32 pm
- Location: Texas
That isn't necessarily/completely true.
The cost of interchange fees to merchants is around 2% for premium cards, and it varies by merchant type, volume of business done by merchant, card, size of transaction, etc.
My understanding of the recent credit card legislation is that merchants will now be allowed to impose a surcharge on cc transactions if they wish. Good luck with that; I won't be buying from anyone that does that.
This GAO paper makes some good points for both sides, much better than I could.http://www.gao.gov/new.items/d1045.pdf
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).
*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.