The Hidden Cost of Credit Cards
In an article titled "Revealing the Hidden Cost Of Credit Cards" in tomorrow's Sunday Washington Post, Michelle Singletary writes that "transactors" (those who pay off their credit card bills every month - sometimes called "convenience users") may soon see the return of "widespread annual fees" on their credit cards.
Could this result in a further acceleration of spending away from credit cards and toward debit cards - as transactors finally decide the float/rewards benefits of their credit cards just aren't worth the new money they might cost?
Who wins in that scenario? Debit cards are cheaper for merchants to accept. Would they be the beneficiaries?
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