Visa lends you nothing. It made 40 billion last year.
Every swipe, the store pays a hidden fee, about 2%. Your bank keeps it. Don't pay in full and they charge interest, plus late and annual fees.
US card balances sit at 1.25 trillion. Visa took 40 billion, Mastercard 33. They don't lend. They run the rails and take a cut.
Even if you pay on time, you still pay. Stores fold the fee into prices, so cash buyers subsidise rewards too.
Huge rule changes for anyone using Klarna, Clearpay and PayPal from July 15
https://fed.brid.gy/r/https://www.mirror.co.uk/news/uk-news/huge-rule-changes-anyone-using-37290582
'I'm a mortgage broker and lewd reference can be a red flag'
https://fed.brid.gy/r/https://www.mirror.co.uk/money/im-mortgage-broker-lewd-reference-37278181
SAN FRANCISCO (AP) — Betting that people will soon grow more comfortable having artificial intelligence agents shop for groceries, plane tickets or diapers on their behalf, payments giant Visa said Wednesday that it has embedded its payment network inside of ChatGPT, empowering the chatbot to …
Barclays closing down Barclaycard website today - with customers told to use app
It's this sort of thing that, in my neck of the woods, has many small traders having a minimum spending limit for payment using plastic cards. The charges to the merchant quickly outweigh the value of the actual payment when it's that small.
When I first encountered credit card points, I assumed that the reason there were so many "rewards" was that there would be a discount on things paid for with credit card points instead of simply asking for cash back. I went through the entire menu of gift cards, "experiences" etc. and never found anything at a discount, in fact some things seemed more expensive. Why would you ever not simply ask for cash back?
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