U.S. store credit card fees take from poor, give to rich – The Globe and Mail


Study shows credit card fee inequity. Credit card fees and rewards in the United States are transferring wealth from the poor to the rich because stores in general don’t try to recoup the associated costs through different prices for card users, a new study suggests. The study by economists Scott Schuh, Oz Shy and Joanna Stavins, released by the Federal Reserve Bank of Boston, says the lowest-income households are paying $23 (U.S.) and the highest-income households receiving $765 each year, after accounting for the rewards paid out by banks.

READ ARTICLE  via U.S. store credit card fees take from poor, give to rich – The Globe and Mail.

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