re: Lawmakers trying to take away credit card rewards

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end to transaction fees.

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That is literally how they fund the entire networks of Visa, MC, Amex, DC, etc.

You have to pay for services, dude. The infra isn't free, tard.

Or just pay with cash, and step away.

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There’s no kickbacks for payment.

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If your payment is late you will forfeit the points for that month with most companies.

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WTF is the point of getting the points if the interest is more?

You are a slow learner if this is the way you handle your credit.

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You do realize he said he pays his card off every month, right? So he's not paying interest.

So they want to take away the literal only incentive to use a credit card. I hate our government so much

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Those rewards are “an untaxed kickback,” said Brookings Institution senior fellow Aaron Klein, a former Treasury official and congressional economist. “The payment system is silently becoming a reverse Robin Hood, generating billions in untaxed side income for rich people.”

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The money that banks and payment networks like Visa and Mastercard collect from swipe fees supports efforts to make transactions faster, more secure and less susceptible to fraud. But the bankrolling of expensive reward programs has spurred criticism, with economists from the Federal Reserve and International Monetary Fund saying they redistribute $15 billion annually from “less to more educated, poorer to richer, and high to low minority areas.”

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they want to take away the literal only incentive to use a credit card

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There are many reasons to own a credit card outside of cash back/reward incentives, especially for businesses. I can see the bigger targets being business cash back cards flat promise thousands of $$$ back.

Not every business/person can pay for what they need all up front in cash. That's why credit was established. CC transactions are just miniature loans that you promise to pay back.

I do agree that the government is trash for wanting to tax the free money that responsible spenders earn.

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In many cases banks are losing money on an individual who has a high CB card (such as 2%) and never carries a balance.

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That is exactly what I do. Use cards for everything. Pay off balance and take the cash reward that is not taxable as income. Rewards add up quick and can be pretty substantial at the end of the month.

This is going to be a thread of idiots who don't know how use a credit card versus people who are financially responsible and take advantage of CC's.

F that….

Rewards are how I buy pew pew related items without my wife finding out!