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The whole existence of credit card rewards seems like a failure of the system. Since merchants agree not to charge more to high fee credit card customers, all t
by lopmotr 7y ago
The whole existence of credit card rewards seems like a failure of the system. Since merchants agree not to charge more to high fee credit card customers, all the other customers end up paying the fees for those rewards. So everyone has to use a credit card with rewards to compensate for that loss and the ultimate losers are the suckers who pay with cash or whatever else.
I refuse to play those games and it surely costs me, but at least I don't have to deal with any of the stupid paperwork and multiple cards in my wallet and keep track of how much pocket money some pointless company is going to give me.
- ceejayoz 7y agoI think you're overestimating the complexity of all this. I pay most things via a 2% cash back card. Just the monthly statement to manage, no need for multiple cards, and no keeping track. I get $500/year back on health insurance premiums alone from that, let alone all the other spending. Everything except my mortgage can be run through it.
- lopmotr 7y agoPerhaps it's easy enough in America. Where I am, there are multiple rewards programs separate from credit cards. Some shops have their own special card, and some are part of a bigger scheme with a common card. It's all a mess. I hadn't thought of using it to pay for big things like a house or health insurance!
- ceejayoz 7y agoAh, here we'd call that a "loyalty program". There are certain credit cards with higher rewards at certain companies - if you buy a lot at Amazon, for example, it makes sense to get their 5% cash back card. Target has one as well.