💳 Credit cards are a popular way to earn travel rewards and access exclusive benefits.
🔍 The cost of credit card rewards is not borne by the credit card users themselves but rather by various revenue sources of the banks.
💰 Banks earn significant income from fees, interest, and interchange fees associated with credit cards.
💳 Credit cards with no foreign transaction fees offer cash back rewards on various categories.
💰 Interest rates on credit cards depend on timely payment and interchange fees are paid by merchants.
🔢 The use of credit cards has accounted for a significant percentage of in-person transactions.
💳 Credit cards offer rewards based on spending, with intro bonuses providing substantial value.
💰 Using credit cards wisely by avoiding debt and focusing on spending in specific categories can make rewards more worthwhile.
📊 Credit cards contribute significantly to consumer debt, with average balances influenced by a small percentage of individuals.
💳 Credit card rewards incentivize subprime and near Prime customers, leading to a transfer of wealth.
💰 Low-income cardholders have a higher debt-to-income ratio compared to higher-income individuals.
📊 The average credit card balance can be misleading, as those who pay off their cards in full avoid interest charges.
💳 The use of rewards cards can benefit card holders with good credit scores, but can be costly for those with lower credit scores.
🔀 There is a redistribution of wealth through credit card rewards, with more educated and wealthier individuals benefiting at the expense of less educated and poorer individuals.
💰 Using rewards cards wisely can provide value through cash back, intro bonuses, travel benefits, but it's important to be cautious to avoid accumulating debt.
💳 Banks make more money from swipe fees than from interest.
🔍 Looking at the UK and Europe, interest pays for bank profits while interchange fees are capped.
💳 Using credit cards responsibly is advised, especially for those struggling financially.
💰 Secured credit cards are a stepping stone towards building credit, but not a substitute for rewards cards.
💳 Banks try to entice consumers to spend with credit card rewards.
🔍 Legislation to cap interchange fees may not lead to reduced prices for consumers.
📉 Regulations on rewards cards may limit access to credit for some consumers.
💳 Banks rely on unsophisticated customers to make credit card rewards profitable.
🔁 The future of credit card rewards may involve high annual fees and credits.
🧮 Visit asksabi.com for resources to help evaluate credit cards and calculate their value.
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