Are Other People’s Credit-Card Rewards Costing You Money?
Amazon and Target have a surprising argument to make: The proliferation of rewards-rich credit cards is bad for consumers. They are suing for the right to pick and choose which Visa and Mastercards they accept. They want to be able to reject the richest rewards cards – cards like Chase Sapphire Reserve, which offer generous cash back, points, and other perks, and which come with the highest transaction fees charged to merchants. They say, if they obtain this right, they’ll be able to charge lower prices to shoppers.