Process
Status Items Output None Questions None Claims None Highlights Done See section below
Highlights
id649369111
It’s set by the card network, usually Visa or Mastercard. And your bank uses it to pay for your rewards. The swipe fee is usually between 1.5 percent and 3.5 percent of your total. The more premium your credit card, the more that MJ is charged.
id649369129
small stores like hers get charged higher rates than big-box competitors. In order to cope, store owners like MJ raised their prices.
id649369237
That means that all of us are paying more. But only those who have special cards are getting rewards. And here’s the catch: The wealthiest Americans tend to have the best cards that give them the most rewards, while poorer Americans are more likely to pay in cash or debit with no rewards or benefits. So what we really have is a system that forces everyone to pay higher prices in order to subsidize rewards that primarily go to the wealthy.
✏️ A clear example of how the system is rigged to transfer wealth from the lower classes to the elite.
- Only elite get the best cards
- Only the best cards get the most rewards
- The best cards charge the highest fees on businesses, which funds those rewards
- Businesses raise the cost of everything they sell to pay for those fees
- Everyone buying stuff has to pay those higher prices… which basically means that extra money they paid is going directly to the elite. 🔗 View Highlight