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Its not an "efficiency surplus" that you get via rewards it is a monopoly surplus.
by justincormack 1y ago
Its not an "efficiency surplus" that you get via rewards it is a monopoly surplus.
- twoodfin 1y agoNot at all. If merchants wanted to ditch high-fee credit cards and spend the money they save on advertising or lower prices to win back the customers they lose as a result, they could do that tomorrow. Cash and debit cards are available alternatives. They don’t because it would be a worse use of their $$.