Actually with my card in Europe it's already happened: any payment purpotedly being done overseas (even if it's in the local currency) has some % surcharge. One time some pop-up store came to my town, and they brought a card machine from their store in France. Charged in my local currency, and my bank charged me more. Luckily I could call them with much annoyance and get it credited back.
From online chatter I've heard that paying for Netflix or some other foreign service induces this charge too.
Meanwhile interchange fees in places like EU and Australia are more like 0.3%
The Visa/Mastercard duopoly really needs to be broken up somehow.
I live in Asia where there is a cambrian explosion of QR-code based payment methods. At many shops you'll see a list of accepted payment methods like this[0], indicating a healthy amount of competition in payments.
[0] https://corporate.fithouse.co.jp/wp/wp-content/uploads/2021/...
Proliferation of hundred of QR Code based payments system is not a good thing, you need one that works across all countries.
Outside Visa and Mastercard, we have Amex, Diner, JCB, even China has UnionPay, but unfortunately they are not as popular as a contender of the duopoly.
Physical card issuance is too high-friction for new entrants. It's much easier to attract new users with "just install our app" than "enter your home address and wait days for a card to arrive then put it in your wallet and remember to use it"
(just as an example: https://www.hilton.com/en/book/reservation/rooms/?ctyhocn=SY...)
"Hotel Message
Credit Card Fee
Credit Card payments relating to Australian hotels incur a merchant service fee of 2% in addition to the total amount payable."
Those places don't have the ruthless competition between card issuers and various rewards that occurs in the US. I was paid $1000 by Chase for opening a new card and doing the spend on it that I would have done anyway. I get 5% back on every purchase made at Amazon. I get 3% back for every food-related purchase. I get 2% back for every other purchase. I get rewards for my monthly rent payment. Etc., etc.
>I live in Asia where there is a cambrian explosion of QR-code based payment methods.
No American, used to having his Visa or Mastercard accepted at 99.44% (and that's around the world, not just in the US) and Amex accepted at 97% of places, would want to switch to constantly having to scan gigantic charts such as your example to see whether his card/payment method will work.
In other words, the US has the competition, you spoke of without the inconvenience.
Those places don't have the ruthless competition between card issuers and various rewards that occurs in the US. I was paid $1000 by Chase for opening a new card and doing the spend on it that I would have done anyway. I get 5% back on every purchase made at Amazon. I get 3% back for every food-related purchase. I get 2% back for every other purchase. I get rewards for my monthly rent payment. Etc., etc.
>I live in Asia where there is a cambrian explosion of QR-code based payment methods.
No American, used to having his Visa or Mastercard accepted at 99% and Amex accepted at 97% of places, would want to switch to constantly having to scan gigantic charts such as your example to see whether his card/payment method will work.
In other words, the US has the competition you spoke of, without the inconvenience.
Surprise! The consumer loses again! It's always somehow benefiting everyone but the consumer. Too much control, not enough regulation. People shouldn't be bilked out of funds by paying to use their own money. We are shouldn't be _forced_ to use these service companies for making payments.
k310•2h ago
Archive sites returned a gripe about js and adblockers.
https://www.msn.com/en-us/money/companies/visa-and-mastercar...