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Do you mean high debtors? A good number of high spenders rinse all of their transactions through credit cards to collect the rewards and then pay them off every
by jonhohle 3y ago
Do you mean high debtors? A good number of high spenders rinse all of their transactions through credit cards to collect the rewards and then pay them off every month. I haven’t paid a fee in at least 18 years, and typically collect several hundred dollars a year in rewards on spending I would do anyway.
When local vendors give me a cash discount, it’s typically 3%, better than most rewards programs, and I take that.
The few cards that offer 5% in other categories have to be getting that from interest payments or promotional retail agreements as opposed to transaction fees. Hitting one of those on a high spending category is like hitting the lottery!
- AmericanChopper 3y agoWell that too, but there’s plenty of money made off the transaction processing fees. My point is that if you want to make comments about a complex system, that you can’t just take one component of that system and ignore everything else. If you wanted to make claims about what income brackets contribute what revenue (and what liabilities), and to who by using credit cards, then create a model to show your work. Focusing only on one component that you might find objectionable isn’t enough to draw such a conclusion.