Reply to Credit Card Fees Now Everywhere!

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[quote=Anonymous][quote=Anonymous]Points should be illegal because: 
1. They Function as an Unregulated Private Currency

2. They Constitute Deceptive and Unfair Practices Under Consumer-Protection Law: Loyalty programs regularly devalue points with no notice, impose blackout dates, and use vague redemption terms.

3. They Function as an Untaxed Compensation Scheme. Rewards effectively operate as rebates or quasi-income and give disproportionate benefits to high earners.

4. They Harm the Economy Through Price Inflation and Market Distortion and credit-card points artificially inflate airline ticket prices. The system creates a shadow subsidy that pushes prices upward.

5. They Encourage Predatory Lending and High-Interest Credit. Rewards programs entice consumers to maintain high credit-card usage and promote unhealthy financial behavior.

Credit-card rewards and airline loyalty points are essentially unregulated private currencies that distort markets, facilitate anticompetitive behavior, exploit consumers through deceptive terms, and encourage predatory lending. Therefore, they should be banned, regulated as securities, or brought under direct federal oversight.[/quote]

^^please don’t represent your ChatGTP output here as your own insights.[/quote]

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