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Banks offer rewards credit cards across various spending categories, including travel, groceries, and entertainment. However, cash is still a better option for certain payments to avoid surcharges.
About 85% of colleges now accept credit cards, but doing so often incurs a 2% to 3% surcharge, costing $250 on a $10,000 tuition bill if assumed at 2.5%. Similarly, healthcare providers may charge up to 4% for credit card payments due to processing fees.
Government services and gas stations also commonly impose extra charges for credit card transactions. For instance, most gas stations display two prices, offering discounts for cash payments. Furthermore, paying taxes with a card incurs fees ranging from $2.20 to 1.98% depending on the payment processor.
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