Comment on The Suprising Way Credit Card Companies Make Money [in the US]
doylio@lemmy.ca 5 weeks ago
Good video showing how credit card culture basically makes poor people pay for rich people’s luxury.
That’s not what the video shows. The real issue is that credit cards are a monopoly which takes ~3% cut on almost all consumer purchases in the economy and adds little value
FundMECFSResearch@lemmy.blahaj.zone 4 weeks ago
Which means poor people who usually can’t afford credit cards with god buybacks essentially have a 3% fee on everything rich people don’t have thanks to genenours credit card points:
In fact, the video creator literally says that poor people are paying for rich people’s luxury at the end of the video.
doylio@lemmy.ca 4 weeks ago
My apologies, he does make that point. I mis-read into your comment that the poor people using credit cards (who pay interest) pay for the rich person’s credit card rewards. But it’s worse than that, anyone who doesn’t use a credit card (which includes many poor people as you point out) are subsidizing the rich person’s rewards