They are still an oligopoly that charges ~2% on every transaction for the grand cost of maintaining a bunch of servers, plus whatever liquidity risk they take on by ignoring all security standards introduced since the magstripe?
If you think you are winning on rewards, you might also believe you can win long-term playing in a casino.
> plus whatever liquidity risk they take on by ignoring all security standards introduced since the magstripe?
The card networks told merchants they are risking losing any and all chargeback for non chip purchases a few years ago. If a merchant is taking mag stripe still, that is their risk.
> If you think you are winning on rewards, you might also believe you can win long-term playing in a casino.
I am definitely earning more via cash back rewards than I am paying in fees. A 2% cash back card which can be had for free, gets you pretty close. At 5% cash back, you’re clearly earning more than however much prices are inflated to pay for the card processor fees.
And at the end of the day, I don’t have the option of paying 5% less at most places. So any percent cash back is a win.
If you think you are winning on rewards, you might also believe you can win long-term playing in a casino.