Sunday, June 27, 2010
Credit Card Rewards ('10)
Responding to a column by David Lazarus about credit card processing fees, I sent this letter to the Los Angeles Times in June 2010 (not published):
My credit card offers nice rewards (although a bit less than a few years ago). It's obvious that the rewards are coming directly out of other consumers' wallets.
It's ridiculous for the cash customer to subsidize my rewards, but that's the system we've got. I'd be just another sucker if I didn't get all I can, so I almost never pay cash.
Still, for fairness, I wish the credit card processing fees and the rewards they pay for would be drastically cut back.