...but in some cases it takes merchants like 60 days to get paid, so the CC guys are STILL getting paid before the money has to go out, and can collect interest in the meantime (in addition to the 3% or so of the transaction in the first place). They seem to have all the angles covered.Good point, I didn't think of that.
But the part about the person with the card not paying any interest is true. And deadbeat is an insider term they use as I described it.
Yeah I know, they suck. It's really the merchant getting hosed. He has to loan the purchase price, interest free to the customer for a month, then to the CC company for another month, AND pay 3% for the privelige.
Of course, those are all costs of business and will end up getting added into the prices we pay, so all consumers actually pay for the cost of borrowing the money, just those who carry a CC balance pay twice.