Reply #8: Fees Are Peanuts [View All]

[ProfessorGAC]

I'm not changing anything. My wife and i use cards as CHARGE cards. A temporary float of the cash, that we actually have, to cover the cost until the bill comes in. (Example: My wife sends me to pick up carry-out at this really good chinese restaurant. They don't accept checks, so we charge it and pay the bill when it shows up.)

The transaction fees are peanuts to the big banks. To small banks, like the one i serve as a board of director member, it's important. But, to the behemoths, fees are about 3% of credit card revenue. The rest is interest.

You can have 97% of the impact you're trying to have by simply using the card sparingly and paying it in full when the statement arrives.

That will sting them pretty much the same as what you're proposing.
The Professor