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muriel_volestrangler

(102,693 posts)

18. 16.7% is the increase in total credit card charges; 12.3% is the increase in the sales this was charged on

Reply to Igel (Reply #17)

Sun Nov 24, 2024, 01:01 PM

Nov 24

If the rate at which swipe fees had stayed constant, then the total credit card charges would have gone up the same amount as the sales.

So the relative increase in fees was 116.7 / 112.3 times = 1.0392 times, or 3.92%. The article says it was 2.24% when it was written, so it had been, in 2021, (1 - 0.392) * 2.24% = 2.15%. A difference of about 0.1%.

Yes, there's a set fee of 10 cents (I forgot to give my source for that - https://crsreports.congress.gov/product/pdf/R/R48216 ). Though this has some different figures, for supermarkets at least, in which the credit card fixed fee is just 5 cents: https://www.swipesum.com/insights/visa-interchange-rates - maybe 7 cents as in "All Other Products: 1.50% + $0.07 (Supermarket Tier III)". According to that, the fixed fee for debit cards is typically 21 cents, but the percentage fee 0.05% (for "regulated" debit cards issue by banks with over $10bn in assets).

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Retailers claim credit card swipe fees are driving inflation [View all] BumRushDaShow Nov 23 OP

But doubling their prices over a 1% to 3% increase in CC fees didn't contribute. Fuck the greedy. marble falls Nov 23 #1

US businesses donating to the Repuke Party are driving inflation too, so stop doing it! FakeNoose Nov 23 #2

I rarely use my credit card..mostly for only gas. Where I get my hair cut and I've noticed other places, Deuxcents Nov 23 #3

My wife and I hate credit and debit cards DFW Nov 24 #20

Unless the percentage taken by swipe fees has increased, DJ Synikus Makisimus Nov 23 #4

Nationalize every single retail business in the country that accepts debit and credit cards, including banks? MichMan Nov 23 #5

Yup. DJ Synikus Makisimus Nov 23 #6

The percentage seems to have gone up a bit, according to this from July 2023 muriel_volestrangler Nov 24 #15

Yeah, I don't know what the 16.7% number means. Igel Nov 24 #17

16.7% is the increase in total credit card charges; 12.3% is the increase in the sales this was charged on muriel_volestrangler Nov 24 #18

It went from $90.50 / transaction on average to $95.50 / transaction. But inflation-adjusted , that's a 14.9% decrease nmmi Nov 24 #7

"I'd be using more cash, but the ATM's spit out $100 bills" BumRushDaShow Nov 24 #9

Well, I can't "go" for $20's at this ATM, and not having a working car, I don't have choices without a bus trip nmmi Nov 24 #10

When shopping BumRushDaShow Nov 24 #11

I always carry about $200 cash in bills of various sizes. In case the card system is down - nmmi Nov 24 #12

I have basically done the same BumRushDaShow Nov 24 #13

Cost of labor has gone up, stuff costs more BadgerKid Nov 24 #8

Another reason to use cash Marthe48 Nov 24 #14

Yup..using cash screws the CC companies that contribute nothing to the economy, and it strengthens the dollar PortTack Nov 24 #16

Actually they do melm00se Nov 24 #21

My credit card fees are melm00se Nov 24 #19