Mar
04
2023
Big merchants like accepting credit cards, because it’s a convenient way for consumers to pay, and puts money right in their bank accounts. But that comes at a cost, which they’d rather not pay. They want the government to legally require banks and payment networks to provide their services for less.
Retailers don’t want to come out and say this, of course, so they cloak their argument in doing good… for the poor, whom they claim are the ones paying credit card fees. And they claim that rewards cards, which bring in bigger spenders who buy more and are more expensive, especially hurt the poor. That’s not actually true.
