Are Your Credit Card Fees Lining The Pockets of the Rich?

by Ron Haynes

If you make less than $150,000 per year, the statistics say the credit card fees you pay each year fund the credit card rewards of the rich.

I found the following infographic on the PerkStreet blog and it’s a real eye opener. If you’re currently making more than $150,000 per year, you’re probably enjoying the benefits of credit card rewards but those rewards are coming from the fees of people making less than $100,000 per year.

How to fight back? Use a PerkStreet debit card instead. By doing so, you’ll earn as much in rewards as the $150,000+ crowd without going into debt!

PerkStreet

So, if you make more than $150,000 consider using a card like the Discover® More® Card.

  • 0% intro APR on purchases for 6 months, then the variable standard purchase APR of 10.99% – 20.99%*
  • 0% intro APR on balance transfers for 18 months, then the variable standard purchase APR of 10.99% – 20.99%*
  • Earn 5% cash back on up to $1,500 in purchases at Department Stores and on all online shopping through December. It’s free and easy to sign up.
  • 5% Cashback Bonus in categories that change throughout the year like gas, restaurants, and department stores up to the quarterly maximum. Signing up each time is free and easy.*
  • Discover is ranked #1 in customer loyalty –16 years in a row! (2012 Brand Keys Customer Loyalty Engagement Index report)
  • 24/7 access to a U.S.-based Account Manager within 60 seconds
  • Great rewards with no annual fee, no rewards redemption fee, and no additional card fee
  • *Click APPLY NOW to view rates, fees, rewards, limitations and other important information

But if you’re not quite at that income level, consider using the PerkStreet Debit Card instead. The average family earns well over $600 per year in rewards without going into any credit card debt!

  • PerkStreet Financial offers up to 5% cash back on debit card purchases – one of the best debit card rewards programs in the nation!
  • Earn 1% always, 2% on select online purchases and 5% where you choose
  • The average American will earn $600 every year in cash back
  • No monthly maintenance fees
  • Free online bill pay
  • Easy electronic transfers
  • 24/7 customer support

Stop lining the pockets of those who really don’t need the money. Switch to PerkStreet and get your own cash back!

About the author

Ron Haynes has written 997 articles on The Wisdom Journal.


The founder and editor of The Wisdom Journal in 2007, Ron has worked in banking, distribution, retail, and upper management for companies ranging in size from small startups to multi-billion dollar corporations. He graduated Suma Cum Laude from a top MBA program and currently is a Human Resources and Management consultant, helping companies know how employees will behave in varying situations and what motivates them to action, assisting firms in identifying top talent, and coaching managers and employees on how to better communicate and make the workplace MUCH more enjoyable. If you'd like help in these areas, contact Ron using the contact form at the top of this page or at 870-761-7881.


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{ 2 comments }

JoeTaxpayer

The lower income person needs to get their budget under control, to the point where they are no longer carrying balances from month to month. That’s the first step to having the reward cards work in their favor.
As someone who has averaged well above $1500/yr in rewards, I’ve always viewed it as getting back the merchant fee, the fee the bank changes for the transaction, and not that I’m taking money from another card user. If those of us who have come out ahead all these years simply went to cash or debit cards, the banks wouldn’t treat their other customers any better, they’d still show the net loss if they don’t change their habits.

Ron

Joe, you are 100% correct. The problem as I see it, is that no matter how much you and I write, 95% of the people reading don’t take the appropriate action.

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