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Is it fair that Financial Institutions take from the poor and give to the rich?
They do it in the following ways:
1. The prices that Merchants charge include the fees incurred by customers who use Credit Cards. Since poor people cannot get credit cards, they are in effect subsidizing the rich.
2. Credit Card companies have Excess Profits and give Rebates to customers for using their Credit Card. These Excess Profits and Rebate Money either comes from inflated fees paid by the stores or by inflated interest rates paid by people who cannot afford to pay their bills in full.
I have told my Senators and representatives that this is not right, but never received a response back.
I get my rebates in cash if I can. I then use the Money to buy Food for the Food Bank.
I include the above message with the additional sentence: "This food worth $xxx.xx is from a Credit Card Rebate.
