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Everyone wants in on the game. There's this really big piece of the pie where fees and interest come into play. Every transaction has fees and some people carry
by selykg 5y ago
Everyone wants in on the game. There's this really big piece of the pie where fees and interest come into play. Every transaction has fees and some people carry balances that generate a lot of money in interest. It's how credit card providers can offer rewards.
At some point in our future we'll probably see the end of these rewards cards because the government will likely regulate it. Which I think is actually a good thing, because it's the people with the least amount of money that are footing the bill for those of us reaping the rewards.
- misterprime 5y agoThere's also money in selling the transaction data, isn't there? That's one of the attractive things about the Apple Pay + Apple Card isn't it? I thought I read some time ago that Apple Pay anonymizes the card somehow so that transaction processors can't sell the data. It was for that reason that J.C. Penny stopped allowing Apple Pay as a payment method. Ah, here's an article from April 2019: https://www.mytotalretail.com/article/j-c-penney-stops-accepting-apple-pay/ https://www.mytotalretail.com/article/j-c-penney-stops-accep...
- deleted 5y ago[deleted]