Well several years ago I was a merchant, and every time I was victim of a fraud the Credit Card companies took their money from my payments, so those fee's did not cover the fraud at all. Not only was I out the product, I was also out the Money, and fee's a double whammy.

So I 100% disagree that the " credit card fees actually buy you something" because all they do it push the liability on to the merchant.

Visa and Mastercard is not covering the costs of fraud