I was reading the small print at the bottom on our Visa bill. I was curious about the rate this card charges. I didn't know if our 7.99% rate was a good one so I turned to the internet.
One site listed cards available from 4.99% to 23.99%. What a range. I know any cash advances we would take on our Visa would cost us 21.74%. I do not understand why cash would cost us so much more.
Merchants pay a small % to Visa and the other cards for the privilege of accepting their credit cards. Usually that's about 2%. So why would cash cost us so much more? No middle man to collect from?
Will these rates go down along with mortgage rates?
'til later
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