If the mechanism by which I get 1% cash back is that it directly comes from the poor…good. this is a good thing. You are a bad person if you think it’s not.
Technically, the cashback they pay you likely comes directly out of the transaction fees they collect, which means that after expenses (for running the infrastructure etc.), they make little to no profit on swipes. Which means they have to make profit somewhere else, which, you guessed it, is fleecing those who don’t pay their balance off every month for as much as they can get away with.
Nah. Rewards cards live and die on transaction fees. They generally go to people with credit knowledge that know to pay off the card at the end of the month.
Come on, not OP but we both know credit cards disproportionately fuck over the poor. Sometimes necessary expenses surprise you and you don’t have any other choice. Personally I have great credit and 1 continually paid-off credit card but I’m not gonna pretend it’s a moral failing if you don’t. I know of a card that has a 40.99% interest rate here in Canada because it’s marketed towards poor people with bad credit.
Say goodbye to rewards cards if this happens.
If the mechanism by which I get 1% cash back is that it directly comes from the poor…good. this is a good thing. You are a bad person if you think it’s not.
Technically, the cashback they pay you likely comes directly out of the transaction fees they collect, which means that after expenses (for running the infrastructure etc.), they make little to no profit on swipes. Which means they have to make profit somewhere else, which, you guessed it, is fleecing those who don’t pay their balance off every month for as much as they can get away with.
Nah. Rewards cards live and die on transaction fees. They generally go to people with credit knowledge that know to pay off the card at the end of the month.
Transaction AND interchange++ fees.
This is why many shops won’t take AMEX cards: 3.95% transaction fee! GTFO
They shouldn’t exist in the first place.
The space for them exists within the monology over transactions that shouldn’t generate margins that high.
Goodbye. Now give me the 10%.
Do you realize that you can pay 0% if you pay a card in full, and still get the reward?
Why are you trying to take something away from me just because you’re terrible with money?
Come on, not OP but we both know credit cards disproportionately fuck over the poor. Sometimes necessary expenses surprise you and you don’t have any other choice. Personally I have great credit and 1 continually paid-off credit card but I’m not gonna pretend it’s a moral failing if you don’t. I know of a card that has a 40.99% interest rate here in Canada because it’s marketed towards poor people with bad credit.
As someone who has never paid a dime in interest on any card I’ve ever had, and shops around for the best reward options… Yeah, give us the 10%!