3 ms·
> ”you're considered a "deadbeat" because you're … not paying in interest.” Not at all. Credit cards also earn the card issuer significant revenue via intercha
by Reason077 3y ago
> ”you're considered a "deadbeat" because you're … not paying in interest.”
Not at all. Credit cards also earn the card issuer significant revenue via interchange fees: up to 3.5% of every purchase you make on the card.
With credit card transactions of ~$5T annually in the U.S., those fees are huge.
(In Europe, interchange fees are regulated and capped. But there are no such caps in the US, hence this lawsuit…)