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Old 02-27-2023, 04:40 PM   #6 (permalink)
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Originally Posted by freebeard View Post
What I fail to understand is where the points and bonuses come from. Is it some variation on a Ponzi scheme, sustained by penalizing people who don't know how to play the game.
Average credit card balance is $5,500. Those who carry a balance pay for the rewards of others.

Then there's the transaction fee each card company collects on purchases (at seller's expense).

Card churn is not without risks, as there's often fine print about high interest rates that are immediately effective if you make any mistake in payment, even with another bank. Maybe a check doesn't go through and you get a late payment, and the other cards might start charging interest immediately.

It requires perfect attention to the details, to making payments in full every month, cancelling the card at the appropriate time, etc.
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