Quote:
Originally Posted by paxum
Some of the fees you mention like annual fees, declines fees, transaction fees are real fees not scams by anybody. those fees are charged by VISA/MC and thats why Visa is now valued at several billion dollars. They make money with those to use their networks. we all expect it free but somebody pays for it, in your brick and mortar bank they cover it as they make money with the interest charged on credit or with your investments there.
The other fees like $1 balance inquiry we never charge anything like that , Paxum has free balance check in real time you can refresh it 100 times a day if you want you will not be charged a penny. I am not sure where you saw $1 fee for balance inquiry.
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Understood. I wasn't referring solely to Paxum. I'd think there are lots of possibilities without some of the more questionable fees though. Interest, for instance, as you mention. Or some of the more expected fees. OTOH, I think a lot of people see things like a "declined transaction fee" or a "balance inquiry fee" and get immediately turned off by it. Even though it's effectively just a few dollars a month it makes such a service feel "scammy". Like a restaurant charging you a $1 surcharge as a "dishwashing fee."
Again, I'm speaking in general on these types of cards. Not just Paxum. On Paxum itself, I will say that I've seen a lot worse services out there...and it's always nice to see a strong professional board presence. Best of luck.