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This article can't really be understood unless you know that Visa/Mastercard take a 2-3% cut from all sales in the US. They redistribute some of that with these points-programs.

The cut is limited to 0.2% in the EU. This regulation basically kills all the transfer-from-poor-to-rich point schemes and leads to transparent pricing.

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If US adopts the same limits on credit card fees as EU, do you think mileage programs will go away? I really doubt it, since airlines will still make a lot of money from fees and fake perks.

The credit-card side of the miles programs would have to change (but most people who dig deep into it use the cards for the bonuses and run purchases through better rewards cards anyway).

I gave up and use a unlimited 2% cash back card. It's much easier and gets me about the same as most without any extra work.

I'm almost entirely converted to the stupid Apple Card, and that's not even very good cash back - but it's so easy!

Once you work out how much you're being "paid" to deal with the thought and hassle, it becomes kind of embarrassing.

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