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Comment by LastTrain | Hacker News Reader

> Consumers are going to prefer rewards programs over no rewards programs.

I believe that you believe. Rewards programs are ultimately bad for consumers and merchants, but great for rent-seeking banks. As a consumer I'd prefer an EU style cap and not have to spend my time working to scrape back some of that money.

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What do you mean by “spending time working to scrape back money”? Cashback rewards are fairly automatic. Maybe some have a simple redemption step. Apple Card’s is 100% automatic.

Did you read the originally linked article? It literally talked about ways in which rewards programs are often designed to only hand out top rewards for a very limited part of all transactions, like only for books at certain bookstores. And that these obscure rules in the extreme case can also change over time, so in one month you need to go to store A, in the next month you better visit store B.

So yes, the rewards are "automatic". But what's not "automatic" is you getting the maximum possible reward percentage on your spending. For that, you often need to optimize your spending along the guardrails put up by some random card issuer. Which takes effort and time. I don't know about you, but I've got better uses for my time, so I'd prefer just not having 2-3% of the price of all products I buy to go towards obscure rewards through which I need to claw back some of those 2-3% by gaming the system. If I want to play games, I buy a computer game and play that.

Apple Card doesn't seem like a particularly good business, so much so that the issuer is trying to ditch it

https://www.wsj.com/articles/goldman-is-looking-for-a-way-ou... https://archive.is/bkoBG

We’re talking about the consumer benefits here. It’s true Apple extracted some of the most consumer-friendly terms in the industry.

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