this post was submitted on 16 Nov 2024
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Microblog Memes

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A place to share screenshots of Microblog posts, whether from Mastodon, tumblr, ~~Twitter~~ X, KBin, Threads or elsewhere.

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[–] unmagical@lemmy.ml 22 points 1 week ago (4 children)

The interest rate is charged if you don't make your payments. Otherwise, you get rewards each time you spend which makes things a little cheaper.

[–] davel@lemmy.ml 13 points 1 week ago (3 children)

The “rewards” come off the backs of poor people paying these usurious interest rates.

[–] chilicheeselies@lemmy.world 29 points 1 week ago (2 children)

They actually cone from the charges they push onto businesses to process the payments. The interest rates are just profit

[–] MacNCheezus 14 points 1 week ago (1 children)

You’re both right. The rewards are indeed mostly covered by the processing fees, but that means after covering infrastructure expenses etc., the banks are operating at a net loss (or breakeven at best), meaning they still have to fleece someone on their interest payments.

[–] Viking_Hippie@lemmy.world 6 points 1 week ago

Plus those businesses pass the cost on to consumers like they do with any expense.

So ultimately, end consumers who are already being fleeced by a combination of wage theft, low wages, and high prices, are the ones who pay for everything.