The credit card companies cost you money. They don’t nickel and dime you, they gouge you with hidden user fees. Beat the b*****ds by using cash.
Credit card companies didn’t become financial giants by simply lending you credit. They gouge you whenever you use their services. And if you really want to feel pain, examine the interest rates they charge for accounts with outstanding balances. Loan sharks take lending lessons from AMEX, MASTERCARD, VISA and the like.
How pervasive is Credit Card use in North America
The user fees may not seem like much, about 3-5% on the sale. It becomes more than a hill of pennies with how many purchases are made each month. In the United States alone, there were more than 35 billion credit card transactions a month in 2020. Add in Canada and update to today, and we are talking likely more than 100 billion. That earns credit card companies $3-5 billion dollars a month. And you and I are adding to that revenue every time we click our credit card.
Beat the b*****ds at their own game. Pay cash! No transaction fees, no penalty charges, no lending fees. Clean, fast, and simple. If you can do it, use cash as often as you can.
