Back when credit cards had to take paper carbon copies from a subset of retailers that had been certified to take credit, try their damnedest to decipher the faint blue numbers and names, verify the account information by hand, take on significant risk for higher purchase prices due to lower computer capabilities, then process the billing… Yeah, I can see why they charged 3% to every transaction.

Nowadays, all of that is automated and digital and proliferated. There is no reason why AMEX should get $0.50 from every purchase of a Happy Meal. There is also no reason why Visa should get more money from a $20 purchase than it gets from a $100 purchase. It’s the same amount of work! Same argument about TicketMaster charging a $200 convenience fee on a $500 ticket but only $100 on a $250 ticket.

A lot of places here refuse AMEX because of their fees. Oh look at all the benefits they provide, like barely being able to spend money anywhere!

That was a big problem a couple decades ago, and with Discover even more so. But I can’t remember any time in the last 15 years when AMEX wasn’t accepted.

Maybe its regional. UK here and any time I see a sign saying a card isn’t accepted it’s always AMEX. By far more common in smaller shops where the fees are going to be more significant to them. Big chains don’t care.

In America all the merchants just charge the customer the merchant fees and call it a day

Don’t forget that they charge everyone those fees, even the people that don’t use a card, so when someone pays with cash or something they get to just pocket the difference.

No they just charge credit card users the fees, and encourage you to pay cash.

Well, yeah… it’s AMERICAN express

Yeah, AMEX is hard to use in Europe or most places I’ve been outside of the US. AMEX is taken just about everywhere I go in the US, though. It’s my everyday card due to the travel benefits.

Travel benefits and yet can’t be used when travelling?

Yeah, I know. I wish Delta hadn’t partnered with them, but here we are.

To be clear, it can be used with traveling. Hotels and car rental places and subway systems and most clothing stores all take AMEX in Europe. Many established restaurants do, too. It is just easier to use Visa over there, though.

I’d argue that the per-transaction cost is a fraction of a cent, and shluld be a thing.

I’d say it should be a flat percentage. Large transactions still carry higher risk.

Overruled, and case dismissed.

The company had an obligation to maximise shareholder value.

Florida has a 1% sales tax that is used to pay for road construction, building fire stations, etc.

These guys are charging 3% globally, which is only used to pay shareholders. No competition, no alternative, no way to avoid paying.

Not globally.

Just for reference:

In the EU the interchange fees are limited to 0.3% for credit cards and 0.2% for debitcards ( REGULATION (EU) 2015/751 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 29 April 2015 on interchange fees for card-based payment transactions Article 4 and Article 3). But this applies only to private cards. Not Business cards.

About 10x lower compared to the fees mentioned in the linked class action suite. And VISA and Mastercard are still in business in the EU. So it is possible to go much lower.

Whats it like to have a functioning government? 🥲

Sometimes nice, sometimes not so much. But in this case: Very nice!

And the infastructure

The place that handles my rental says “good news! you can pay by credit card on-line now!” and then just quietly tacks on an extra $8 charge on top of the credit card also getting their beak wet. So now I gotta pay like $15 just to pay my godamn rent??

I refuse to pay these BS fees. I only ever drop off checks. That still only costs me for the amount I pay for the checks, which is only a few cents per If memory serves.

What’s even worse is when you’re in debt and you gotta pay fees just to make a payment on that. Living in america means you’re always just a couple steps from debtors prison or living on the street.