For the many of us who use CCs for substantially 100% of purchases, if this gets going, it’ll be the same as an extra 3% inflation. So 1-2 year’s worth.
Because you know the retail prices aren’t going to go down, or even pause their ongoing increases, as that CC cost burden is transferred from the merchant to the customer.
If you haven’t seen them, here are two related recent threads that discuss folks’ attitudes to paying cash or credit.
ISTM the government would rather not grow the cash economy. But if everything I spend at retail now has a 3% surcharge attached, I and lots of other biggish spenders will return to doing everything in nice fun un-traceable untaxable cash.