4 ms·
Qui prodest? It is quite apparent why CC companies offer $10k in rewards: they will keep commissions on all transactions. Anecdote: recently I bought a used c
by omgtehlion 9y ago
Qui prodest?
It is quite apparent why CC companies offer $10k in rewards: they will keep commissions on all transactions.
Anecdote: recently I bought a used car. Initially we agreed on bank transaction, tried several banks, some have low limits so low it would take months to move money. Others wanted transaction fee as high as $200 on 20k transaction.
Gov wants to get rid of cash because of surveillance. Banks and CC companies want to be gatekeepers and tell you what you can and can not do with your money. And to pocket as much fees as possible...
- briffle 9y agoNot only do they get commissions, but for the merchants, people historically pay more with Cards than with cash https://www.psychologytoday.com/blog/the-science-behind-behavior/201607/does-it-matter-whether-you-pay-cash-or-credit-card https://www.psychologytoday.com/blog/the-science-behind-beha...
- cripblip 9y agoI had the same situation in the UK a few years ago, the bank would not accept 25k in Euro or sterling; then when it came to electronic transfer, bank to bank, the bank would not guarantee the validity of the transaction for 8 weeks. Made the sale of the vehicle a little scary