https://www.rbcroyalbank.com/business/accounts/flex-choice-b...
Which is ~0.25%. Presumably a cash register also has some amortization on it.
> Pass a law that credit card surcharges MUST be added onto the final price.
You must be a rich person that supports monopolies! And clearly you know nothing about low margin retail businesses. If your profit margin is 5% and the credit card fees are 2.5% then you are saying profit should be split 50%/50% with Visa/Mastercard.
In New Zealand originally the contract between the credit card company and the marchandiser said that the marchandiser couldn't charge a different amount for cash - an indirect way to force retailers to soak up the credit card fees. That clause was eventually outlawed here, for good reason. Your suggestion is to write the opposite law!
The extra fees for credit cards are great. It is the customer's choice to pay them or not!
Btw did you read some idea that the surcharge applies to all purchases? The idea of charging the credit cards a surcharge equal to the surcharge they take from the retailer is better for all except the big credit card companies. Customers can use cash without subsidising the credit card users, credit card users can still use credit cards but they won't get ahead vs cash, retailers don't have to absorb the surchage (and ultimately partially pass it on to cash customers).
That 2% cashback you get for using your Amex isn’t due to Amex generosity. That’s literally what retailers pay.
Right now I will absolutely use my cc for anything I can. It’s literally cheaper than cash and users of cash subsidise all my purchases. The only way to fix this is to force the surcharges on the cc users so cash users aren’t subsidising the price. But good luck getting that passed as law. Everyone either doesn’t care or thinks they are getting an amazing deal from the 2% back. It’s got to the point where stores that add a cc surcharge will be called out on social media when all they are doing is preventing cash from subsidising credit cards.