Quote:
Originally Posted by mikeyis4dcats.
I was referring to Mobile Swipers fee schedule. They charge a higher rate for "rewards [credit] cards", but go on to say that most credit cards are not rewards cards and they are being phased out.  |
It's because of the Durbin Amendment. The interchange rates are capped for certain types of cards now, so all of the extra profit that was being used to offer rewards is no longer there for many types of cards. As such, many banks are moving away from these.
We didn't mean to make it sound as if they didn't exist anymore, but they definitely aren't as common as they were there for awhile.