Small correction: visa/mc interchange is 1.2-2.4% + 5-10 cents.[1] And that's what banks get to work with in terms of paying out rewards. It's processors that mark up the rates higher... And that can increase what merchants pay for debit as well.
The biggest merchant ripoff going on right now are processors that charge the same rate for debit and credit. If more merchants knew how cheap debit can be there might be more steering.
The biggest merchant ripoff going on right now are processors that charge the same rate for debit and credit. If more merchants knew how cheap debit can be there might be more steering.
[1] https://usa.visa.com/dam/VCOM/download/merchants/Visa-USA-In...