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> Merchants pay 3% and pass the cost on to the customer, […] average person gets all the benefits of a fully funded government plus 1-2% of their purchase bac
by throw0101d 2y ago
> Merchants pay 3% and pass the cost on to the customer, […] average person gets all the benefits of a fully funded government plus 1-2% of their purchase back in credit card rewards.
And if you're below-average (i.e., poor or otherwise 'unwanted') and don't have a credit card then you are paying higher prices without any benefit:
* https://www.cnbc.com/2023/05/27/lower-income-americans-pay-for-wealthys-credit-card-rewards-some-economists-say.html https://www.cnbc.com/2023/05/27/lower-income-americans-pay-f...
* https://www.vox.com/the-goods/22454885/who-pays-for-credit-card-rewards https://www.vox.com/the-goods/22454885/who-pays-for-credit-c...
* http://archive.is/https://www.nytimes.com/2023/03/04/opinion/credit-card-rewards-points-poor-interchange-fees.html http://archive.is/https://www.nytimes.com/2023/03/04/opinion...
- dangus 2y agoI totally agree, but we also can’t pretend that handling cash costs zero dollars. That’s only really the case for the tiniest businesses with zero employees. I think the phenomenon of the poor subsidizing the rich is just sort of how all of life works. The more affluent in society always get the better deal on everything.