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I really wish we could just make credit card rewards schemes go away entirely. I don't expect that to happen any time soon, but they just feel like such a waste
by nfriedly 8y ago
I really wish we could just make credit card rewards schemes go away entirely. I don't expect that to happen any time soon, but they just feel like such a waste of time and effort.
I don't even like the name "rewards" - it's really more of a rebate/refund (on the raised prices of everything), with the catch that you forfeit the refund if you pay with anything except a "rewards" card.
- stevesimmons 8y agoA sensible response is for national regulators to cap credit card interchange rate. Banks are free to offer more generous rewards, just they can't fund it via the retailer. The EU's cap is 0.3%, Australia's was 0.55%. By comparison, typical credit card interchange rates in the US are 2%+.