Re:OpenAI is Visa – Buttering up the government to retain a ...
by lxgr on Thursday December 26, 2024 @11:30PM
(#42519936)
And I'd be willing to wager that the ability to pay bills on time might be somewhat correlated to wealth.
What you're giving is a rationalization for why the economic landscape of credit cards looks the way it does, which is useful for understanding it, but not at all the same thing as a justification for that being desirable for society as a whole.
We have a perfectly fine mechanism for making lending cheaper for people who pay on time: Interest rates. There's no economic need for tangling all of that up with rewards/cashback rates.
> It was expensive, but for my specific situation, the travel benefits were basically making me $500 a year, alot of money for me.
While I also greatly benefit from the system myself I still consider it a massive resource sink for society at best, and borderline predatory lending behavior at worst, and would gladly see it disappear the same way it has in the EU.
What you're giving is a rationalization for why the economic landscape of credit cards looks the way it does, which is useful for understanding it, but not at all the same thing as a justification for that being desirable for society as a whole.
We have a perfectly fine mechanism for making lending cheaper for people who pay on time: Interest rates. There's no economic need for tangling all of that up with rewards/cashback rates.
> It was expensive, but for my specific situation, the travel benefits were basically making me $500 a year, alot of money for me.
While I also greatly benefit from the system myself I still consider it a massive resource sink for society at best, and borderline predatory lending behavior at worst, and would gladly see it disappear the same way it has in the EU.