Transcript

How Regular Folks Pay For The Credit Card Rewards of The Rich

THE BIG SWIPE! HOW REGULAR FOLKS PAY FOR THE CREDIT CARD REWARDS OF THE RICH THE RICH BENEFIT FROM REWARDS: THE REGULAR LOSE OUT ON FEES 68% OF REGULAR FAMILIES HAVE A CREDIT CARD 96% OF RICH FAMILIES HAVE A CREDIT CARD The Average Regular* Family: The Average Rich* Family: Puts 7% of spending on credit Puts up to 22% of spending on credit Has a 57% chance of earning Has a 77% chance of earning rewards on credit rewards on credit Earns more in rewards than Loses more in fees than they earn in rewards they lose in fees *< $100k in annual income *2 $100k in annual income WHO'S RICH AND WHO'S REGULAR? 84% 16% of American families of American families earn less than S120,000 earn $120,000 or more roughly 98 million households roughly 19 million households FACT: CREDIT CARDS GIVE YOUR HARD EARNED CASH TO THE RICH - AVERAGE CREDIT CARD PROFITS BY INCOME - $ 823.00 INCOME LEVEL OVER 150k 120k-150k S 10 The average American family earning less than $12OK per year loses money as a result 120k-100k ---> -89 S -56 of credit card use due to fees. ROk-120k ----------> But the average family earning $120K or more earns money as a result of credit card use. The richest families earn $823.00 per year from 50k-80k --> S -96 20k-50k ---> S -89 credit cards, thanks to rewards. 20k OR LESS ----- S -63 -100 -50 +50 +100 +150 Every year, those with incomes of $120,000 or more pocket $8.3 BILLION in rewards, the same amount lost by those who make less than $120,000 due to credit card fees. Sources: presented by: √°perkstreet http://www.bos. frb.org/economic/eprc/presentations/2012/Schuh06062012.pdf http://blogs.wsj.com/economics/2011/10/19/what-percent-are-you FINANCIAL nurh ebievents/pdf/conferenceest/pages/productview.xhtml?pid=DEC_10_SF1_QTP11&prodType=table oenb/Schuh_Shy_Stavins.pdf?4dd51bf58ab72ad54a11091068d54990

How Regular Folks Pay For The Credit Card Rewards of The Rich

shared by treywalkerthree on Aug 30
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This graphic shows how credit card rewards for those who make over 120k are funded by those who make under 120k.

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Economy
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