The thesis seems to me very different, it is about who pays in the end the part of the high processing fees generated by the rewards, but unlike similar thesis,

The thesis seems to me very different, it is about who pays in the end the part of the high processing fees generated by the rewards, but unlike similar thesis, the accent is about differentiating "financially sophisticated" people against "naıve" people regardless of income. The article is about a Federal Reserve paper referenced in the article: https://www.federalreserve.gov/econres/feds/files/2023007pap.pdf https://www.federalreserve.gov/econres/feds/files/2023007pap... >Notably, our results are not driven by income, as they hold within the sub-samples of low-, middle- and high-income individuals. In particular, high-FICO high-income consumers benefit the most from reward credit cards, but they do so at the expense of low-FICO high-income consumers. >While credit card rewards are often framed as a “reverse RobinHood” mechanism in which the poor subsidize the rich, our results show that this explanation is at best incomplete. >We rationalize our findings in terms of fnancial sophistication, meaning that reward cards constitute a redistribution from naıve to sophisticated consumers.