A recent New York Times op‐ed by Obama administration deputy assistant treasury secretary Aaron Klein declares that the market for credit cards is “broken and predatory.” The problem is that many credit cards offer cash or other rewards for use, and those rewards are financed by a portion of the interchange fees that merchants must pay to process the cards.
Is Our Credit Card System Broken?
Is Our Credit Card System Broken?
Is Our Credit Card System Broken?
A recent New York Times op‐ed by Obama administration deputy assistant treasury secretary Aaron Klein declares that the market for credit cards is “broken and predatory.” The problem is that many credit cards offer cash or other rewards for use, and those rewards are financed by a portion of the interchange fees that merchants must pay to process the cards.