Making money using the right credit card

[alwaysonit]

Watched a very good mini documentary on Netflix called Money, Explained - Credit Cards;

"Money, Explained" Credit Cards (TV Episode 2021) ⭐ 7.3 | Documentary

Credit Cards: With Jane Lynch, Louis Hyman, Farnoosh Torabi, Elena Botella. The convenience of credit cards comes at a price. From the methods banks use to maximize profits to a debt myth debunked, take a look inside the system.

www.imdb.com

It's based in USA but explains how the merchant pays a fee for each card transaction and they have to raise prices by about 2% as a result.
Those using credit cards efficiently make the 2% back in rewards while the rest of us pay 2% more that if all transactions were carried out in cash.

Is is possible to recoup such rewards in the Irish system?

 

[Cantillon]

As far as I know, no.

As the interchange fees have been capped.

S.I. No. 525/2020 - European Union (Interchange Fees for Card-based Payment Transactions) (Amendment) Regulations 2020

The electronic Irish Statute Book (eISB) comprises the Acts of the Oireachtas (Parliament), Statutory Instruments, Legislation Directory, Constitution and a limited number of pre-1922 Acts.

www.irishstatutebook.ie

EU retains interchange fee cap on card payments for now | Fintech | Blogs | Linklaters

The European Commission has assessed the impact of the Interchange Fee Regulation and considers it effective in terms of increasing the volume of card payments and bringing down costs.

www.linklaters.com

 

[Pinoy adventure]

I know out in south East Asians nations if you pay by credit card you have too add 3-5% on for the privilege of paying by credit card which is quite annoying.

 

[newirishman]

I know out in south East Asians nations if you pay by credit card you have too add 3-5% on for the privilege of paying by credit card which is quite annoying.

Haven't seen this in India or the Philippines to be honest? YMMV of course, and might depend on the ship.

 

[Pinoy adventure]

Haven't seen this in India or the Philippines to be honest? YMMV of course, and might depend on the ship.

I’ve had this happen too me many times over the years in the Philippines (mainly within cities as rural Philippines Cc are non existent).
I can’t say about India but had similar in the Maldives late last year.

 

[Páid]

I know out in south East Asians nations if you pay by credit card you have too add 3-5% on for the privilege of paying by credit card which is quite annoying.

It was this way in Ireland 30 years ago.

 

[alwaysonit]

As far as I know, no.

As the interchange fees have been capped.

S.I. No. 525/2020 - European Union (Interchange Fees for Card-based Payment Transactions) (Amendment) Regulations 2020

The electronic Irish Statute Book (eISB) comprises the Acts of the Oireachtas (Parliament), Statutory Instruments, Legislation Directory, Constitution and a limited number of pre-1922 Acts.

www.irishstatutebook.ie

EU retains interchange fee cap on card payments for now | Fintech | Blogs | Linklaters

The European Commission has assessed the impact of the Interchange Fee Regulation and considers it effective in terms of increasing the volume of card payments and bringing down costs.

www.linklaters.com

Thanks.
So with these low fees here, merchants are not needing to push prices up by more than 0.1% and card issuers are not making enough to offer rewards?

 

[Steven Barrett]

Watched a very good mini documentary on Netflix called Money, Explained - Credit Cards;

"Money, Explained" Credit Cards (TV Episode 2021) ⭐ 7.3 | Documentary

Credit Cards: With Jane Lynch, Louis Hyman, Farnoosh Torabi, Elena Botella. The convenience of credit cards comes at a price. From the methods banks use to maximize profits to a debt myth debunked, take a look inside the system.

www.imdb.com

It's based in USA but explains how the merchant pays a fee for each card transaction and they have to raise prices by about 2% as a result.
Those using credit cards efficiently make the 2% back in rewards while the rest of us pay 2% more that if all transactions were carried out in cash.

Is is possible to recoup such rewards in the Irish system?

In the US, they use credit cards like we use debit cards. You will get unsolicited cards sent to you in the post. They also have pretty good reward systems for using certain cards that you can get decent amounts of money back. System is different to that in Europe.