this post was submitted on 16 Nov 2024
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No, it's a thing idiots should avoid at all costs.
A card with a 2% reward across the board(Fidelity for instance) can be used as a proxy for your debit card week to week.
It builds my credit, gives me a group of attack dogs to sic on anyone who rips me off, and gives me a cushion if I ever need it. If you never exceed your expenses and never reach beyond your means, it's no different in consequence than paying with anything else, with a little added bonus credit and reward.
It's people and their lack of self control that ruin credit cards.
I would expect a massive nerf/devaluation of rewards if there's no poor people getting exploited.
I say this as someone who pays for all his family vacations almost entirely with points. About every year and a half. This time was Texas for the eclipse. Before that it was Disney world for my kids 5th birthday. Before that was COVID times and I used my points to buy hardwood floors that I installed throughout my house. Before that it was SC for the eclipse.
While I do feel a sense of involvement in their exploitation by being a part of this system, I'm not going to feel bad for anyone who can't follow the simple rules of the game.
Where's the line between exploitation and personal fault? I can't expect everyone who's ever owned a credit card to have been put in the same situation where it's the only way. For all I know, my last reward points trickled down from some asshat who financed a car on unemployment.
Absolutely banks will cut rewards, I know that when there was a law attempting to cap/eliminate late fees banks I am close to were discussing how they would offset the losses and rewards were on the block for that. That law is held up in Texas courts right now so the banks so far haven't had to worry about it