this post was submitted on 16 Nov 2024
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The “rewards” come off the backs of poor people paying these usurious interest rates.
They actually cone from the charges they push onto businesses to process the payments. The interest rates are just profit
You’re both right. The rewards are indeed mostly covered by the processing fees, but that means after covering infrastructure expenses etc., the banks are operating at a net loss (or breakeven at best), meaning they still have to fleece someone on their interest payments.
Plus those businesses pass the cost on to consumers like they do with any expense.
So ultimately, end consumers who are already being fleeced by a combination of wage theft, low wages, and high prices, are the ones who pay for everything.