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Wow Americans really get shafted if those are the rates. VISA and Mastercard in Europe is 0.2% for Debit and 0.3% for Credit for consumer transactions.
Yeah, they could be incentivicing the product that gives them the most return.
Whoa, I think you've misnterprited the spirit of my original comment. Do you take offense to the term "played"? There is no blaming, or shunning of choices, its just economics. The guys selling the product /want/ people to be irresponsible with their finances. They are like "yea, spend more than you have, I don't mind, more where that came from"
I'm not upset with anyone. I think the problem here is the differences between the US and Europe banking systems. In Europe, overdraft fees are capped and the interchange rates are fractional in comparison. But credit cards are still what banks incentivise, and makes me question their motives. I don't trust banks or any large company for that matter to put my own best interests first. I have seen friends and family get into credit card debt over the years. Sure its their bad life choices that cause their own problems. No blaming between different types of people. However no-one denies that banks spread gold glitter on credit cards in an effort to bring in more punters. Debit cards, not so much.
I did learn something today. US banking seems more hostile to consumers than Europe conterparts. Is it because of regulation? I have read in the past that US politics are reluctant to add more regulation to services like banking, relying on "free market" and the lark.
You comment on a news article about Americans and credit cards and argue your opinion which has nothing to do with Americans or their credit cards.
In context your supporting statements for your opinion are factually wrong. You also have yet to explain your original comment.
The slang term played usually means that you have been outwitted or used as a pawn.
How are they being played?
How are they being subsidized?
I’ll be flabbergasted if you can answer either of those questions in any way that makes sense in the context of Americans and their credit cards.
I hope you learned something because I’m pretty sure your spurious statements have made me dumber.
I stand by my comments as you've yet to provide arguments to the contrary.
Yes being played fits. There are people that jump into credit cards and get over their head by spending outside their means. Something that banks enable and it's the reason it is incentivised.
I see you're getting somewhat frustrated. Sorry neither of us could persuade the other. I'll leave it there as I think cultural differences are causing loss of understanding. I hope US banking gets some needed adjustment.
Have a good day/evening.