Ok thanks, and to follow up I forgot that liability for swipes shifted to merchants a couple years ago regardless of signatures. That is, if a customer has a ch

Ok thanks, and to follow up I forgot that liability for swipes shifted to merchants a couple years ago regardless of signatures. That is, if a customer has a chip card and the merchant runs it as a swipe then they’re liable regardless of whether the signature matches. Having said that, that doesn’t mean every issuer is going to come after merchants for this fraud... it’s typically the little mom and pops that haven’t fully migrated to EMV chip terminals. So maybe the lower rewards gives Goldman Sachs more leeway to be nice.