Hi am hereby lodging a complaint as per the banking council procedures regarding the non transparency of banks with regards to credit card transactions. (master card and visa)
Standard Bank claims that one of the benefits of a credit card is no swipe charges. however it is banking practice to normally charge the merchants at least 2% for all transactions (these merchants will then build this cost into their product to cover the cost) therefore clients do indirectly pay for swipe. whether it be 2% or slightly less. secondly merchant agreements state that clients may not be prejudiced for paying with a credit card, however the result of this is clients paying cash are prejudiced as they have to share the cost of the 2% the merchant has to pay.
Thirdly it is of my opinion that cash back programs instituted by banks are a farce as they are indirectly paid for the merchant fees the bank rakes in on a daily basis meaning you are paying for your own rewards.
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