Comment Re: Holup (Score 1) 142
> Credit card processing fees are high in the US, typically 2.5%
Wow! I had no idea. It is typically 0.6% here in Oz. You are being ripped off.
It's become just another form of wealth transfer from the poor to the upper classes in the economy. Perks and incentives to earn "points" and cash-back by spending on credit cards are financed by those merchant fees, so the entire country is subsidizing them by paying hidden fees in the form of higher prices of goods and services. People who buy a lot with credit and can easily pay off their credit card bill every month come out ahead. People who can't or don't purchase much or who cannot always pay their bill in full get screwed. And card networks (Visa, Mastercard, etc) are leeches in the middle sucking blood from everyone.
Once you understand how the system is rigged, it's actually pretty disgusting.