whit wrote:what you see is the aftermath and effects of what happens when hackers get into payment system (which, btw, I think I read somewhere someone commenting on why it is so difficult of a transition in terms of working here when it's been around for ages elsewhere) that has a few components to it (which is why emv can't take like a duck to water when you think about the terminal and the POS point of sale system and how the two talks to each other in conjunction with the software the merchant uses to process)
That that caused the lawmakers to crack down
Which causes companies to take on this overhaul that is a bit out of the left field tbh
So now you see a rework or redo of their credit card systems to accommodate that
Just like frankdodd made it so debit cards with cashback/rewards a thing of the past
That's actually a very good point.
What I thought about nerfing was always about consumer and economy, like increasing bad debts (though I don't know about the situation). What I thought about data breach was consumer's personal information and why merchants still don't implement EMV and so on, but neglected the losses for financial institutions.
As the payment system breaches becoming prominent these days, banks may have already paid for much more than what they expected. That should be a solid explanation to cutting down rewards as a form of their expense. This is something new I never thought about.
What happens when Discover + Freedom's restaurant quarter is the same?
That would be something nobody expects.
Just like this year's calendar which is already some kind of tricks maybe:
- Discover has Home Improvement Stores on Q2 while Freedom is the same (though only Lowe's).
- Discover has Online Shopping and Department Stores on Q4 while Freedom is pretty much identical with fewer merchant selections.
- not to mention the gas season on Q3, but at least Freedom also had Q1.
Not sure about past years as I have only got into these since this year. But as what we already see now, there has been much overlap between these two. Probably next time when the two negotiate and they both put restaurants in the same quarter - just hopefully they don't.
Just my personal arrangement if Freedom and Discover have something same in the same quarter - I take priority for Freedom. Keep the potential to have the points transferred to other programs so it would worth more, but if I eventually don't do that I still have at least 1% (or 5% based on categories) earning. I nearly sockdrawered Discover on Q3, though I carry it with my Forward this quarter.