The fact of the matter is Visa, MasterCard and their card issuing banks have plenty of room for reform. In 2024, banks netted about $378 billion in revenue from debit and credit cards, but they paid only 47 billion in rewards. Of course I value frequent flyer miles like everyone else, but the fact is the program will not even be touched. (12:57–13:08)
CLAIM
Asserts that banks earned $378 billion from cards in 2024, paying only $47 billion in rewards.
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