๐ณ Credit cards are a popular way to earn travel rewards and access exclusive benefits.
๐ The cost of credit card rewards is not borne by the credit card users themselves but rather by various revenue sources of the banks.
๐ฐ Banks earn significant income from fees, interest, and interchange fees associated with credit cards.
๐ณ Credit cards with no foreign transaction fees offer cash back rewards on various categories.
๐ฐ Interest rates on credit cards depend on timely payment and interchange fees are paid by merchants.
๐ข The use of credit cards has accounted for a significant percentage of in-person transactions.
๐ณ Credit cards offer rewards based on spending, with intro bonuses providing substantial value.
๐ฐ Using credit cards wisely by avoiding debt and focusing on spending in specific categories can make rewards more worthwhile.
๐ Credit cards contribute significantly to consumer debt, with average balances influenced by a small percentage of individuals.
๐ณ Credit card rewards incentivize subprime and near Prime customers, leading to a transfer of wealth.
๐ฐ Low-income cardholders have a higher debt-to-income ratio compared to higher-income individuals.
๐ The average credit card balance can be misleading, as those who pay off their cards in full avoid interest charges.
๐ณ The use of rewards cards can benefit card holders with good credit scores, but can be costly for those with lower credit scores.
๐ 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.
๐ฐ 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.
๐ณ Banks make more money from swipe fees than from interest.
๐ Looking at the UK and Europe, interest pays for bank profits while interchange fees are capped.
๐ณ Using credit cards responsibly is advised, especially for those struggling financially.
๐ฐ Secured credit cards are a stepping stone towards building credit, but not a substitute for rewards cards.
๐ณ Banks try to entice consumers to spend with credit card rewards.
๐ Legislation to cap interchange fees may not lead to reduced prices for consumers.
๐ Regulations on rewards cards may limit access to credit for some consumers.
๐ณ Banks rely on unsophisticated customers to make credit card rewards profitable.
๐ The future of credit card rewards may involve high annual fees and credits.
๐งฎ Visit asksabi.com for resources to help evaluate credit cards and calculate their value.
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