this post was submitted on 16 Nov 2024
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I'd never heard of this, how do the banks make any money on the card, annual fees or something?
They already make 2-3% on every purchase
That’s a good point - there are transaction fees that could support the business. And we even inflate those with cash back and other rewards
No, they don't charge higher transaction fees in order to pay those reward rates, they just give up on making any profit from that and instead try to profit from charging interest. Which of course is disproportionately paid from people who cannot actually afford it.