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147 sats \ 3 replies \ @gmd 20 Mar \ parent \ on: There Are Two Kinds of Credit Cards econ
Yeah I think the rich who don't care to optimize credit card points make up for it in volume of spend, and the card companies make their profit in interchange fees.
Amex Platinum for example has become a status card but is relatively difficult to extract full benefits unless you travel a lot, it's a frustrating coupon book.
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547 sats \ 2 replies \ @SimpleStacker 20 Mar
Those credit card fees are bank. I think the typical fee is like 2.9%! That's why they go after the rich customers. Imagine skimming 2.9% off everything the rich peoples buy
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153 sats \ 0 replies \ @Undisciplined 20 Mar
That's a really good point. Even for a normal cheapskate like me, they don't need me to carry a balance to make money off of me.
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10 sats \ 0 replies \ @gmd 20 Mar
Yeah unless they all move to the US Bank Smartly 4% card... I don't see how that's sustainable for them, I imagine they'll be nerfing more and more benefits (disable for rent, tax payments, etc)
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