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And if people stopped using rewards cards and the merchants lowered their prices, I'd stop using credit cards. However, I'm not going to fall on my sword and g
by opendais 12y ago
And if people stopped using rewards cards and the merchants lowered their prices, I'd stop using credit cards.
However, I'm not going to fall on my sword and give up 2% in the hope that that will happen.
You even admit in your post it would cost me money to stop at present :/
- jawns 12y agoYou're absolutely correct, and the credit card companies know they've got a good thing going for them. Everyone would be better off if the whole "rewards card" phenomenon died out, but nobody's willing to stop because they assume that nobody else will. Perhaps we need a pledging system with a Kickstarter vibe -- I pledge to stop using rewards cards if X% of the market also makes the same pledge.
- opendais 12y agoGood luck with the pledging system. :) I'll do it at 75%.
- ensignavenger 12y agoI think the best solution is to offer a better payment system to merchants and consumers. Merchants accept rewards cards because it is what their customers have and want to use- customer shave and want to use them because they are convenient (accepted by most merchants) and the reward is an extra. If you can offer a secure payment system that is adopted by a significant portion of the market (make it even more convenient than rewards cards), while offering merchants significantly lower fees, eventually most merchants will accept your payment method- and as more consumers use it, many merchants will begin to stop accepting rewards cards and paying the high fees. This is a long haul strategy, and likely a costly battle to fight. Is it worth it?