XP: who is hurt by all those credit card perks?

[konapoppy]

Thought folks over here might find this interesting. Nothing is ever really free. When I worked in banking, the term “fee based income” made me cringe - I knew who was paying it.

The interchange fees going up hurts everyone, as it increases prices, which disproportionately hurts the poor. I think there is more to this than the article covers, but I am glad it is being discussed.

www.nytimes.com/2023/03/04/opinion/credit-card-rewards-points-poor-interchange-fees.html?unlocked_article_code=A0h7SaACXzjOVuldUgLPjcnY1m8Aef1hKAqJVbYk26LT6joMCjLs-iy7EAIlKHjseSEJtxXgUx4jv3poYytZNVvwq8bktbbqdVsh95k8FjIYQRdPZBWY5432O58PfXaIhknKgjC0lSJrZRuGV6nXI8GBCm-nT98CZIfmYvcarC0InyqFwwRTEgPeuuNTB4VS0kXtxdUngTSJIRTkB7BXnzhNjRRL3lZEiCDNhdX6B9vHlRpkrKv03SMigUe9eQjRY1zZvTl7rAKGdsJWXnN5NMNa4u0Pvs7YZ1OSbNUgr4PtQoAg5W6wehbXiEiMRXlTkm9Qb7d0Pr4mezpXbiuwNEDn8iIRZrCz0Ko_B9pZc8O_8fddhBihi6Im&smid=nytcore-ios-share&referringSource=articleShare

[Stan]

This is definitely food for thought, thank you for posting. Before I left banking for my full time mil work I was bummed when our bank was acquired and we lost our secured card that had rewards and was fee free and went to a more traditional fee secure credit card. I feel strongly having worked in banking that debit cards are dangerous and I hated that the better positioned clients were able to avoid the security issues of debit cards/cash but poorer clients who couldn't get credit cards could not. The worst thing ever was when people were scammed or skimmed out of their rent money or other absolutely needed money because as I'm sure you know konapoppy , that even with the temporary credits issued, there were times the investigations didn’t find in the client's favor.