Layman’s Prose

Apparently I assumed incorrectly that people reading my post understood how credit card rewards work. The average reader seems to think that rewards are funded by interest, and card bonuses are their moral reward for not carrying a balance and paying interest. In their imagination, they are getting something for nothing, and would prefer this arrangement continue giving them free money at the expense of other, less deserving people. This is not the case. Some facts that suggest this is not how things work: - interest rates are actually lower on rewards cards, and this disparity is greatest for high-FICO customers. It is not the case that rewards are an inducement to lure customers into higher interest products. - most rewards are captured by customers who don't revolve balances, while only about a quarter go to the customers actually paying interest. Why would sophisticated banks calibrate their reward programs to waste most of the marketing spend on worthless customers? In reality, the cash flow is that every time you use your card, you're prepaying ~2-3% in fees, from which you later receive ~1-2% worth of rewards. Before you paid the bank any interest, you already represented an incredibly high-margin sale. It is not a fluke that their system rewards your participation. They will happily play this game all day with you. So it's highly unlikely that you're some exception getting out more than you put in. Even if you're one of the net subsidy recipients, as typically told, you'd still benefit from abolishing the game. And the thing is, this parallel economy of selling you marked up airfare is totally optional to the maintenance of an electronic payments system. That rewards are sustained more through fees, than through interest, can be seen in countries that regulate fees. When the EU capped fees at 0.3% in 2015, rewards programs largely disappeared, suggesting it was the fees that made them possible, and not interest income.

I believe in one God, the Father almighty, maker of heaven and earth, of all things visible and invisible. I believe in one Lord Jesus Christ, the Only Begotten Son of God, born of the Father before all ages. God from God, Light from Light, true God from true God, begotten, not made, consubstantial with the Father; through him all things were made. For us men and for our salvation he came down from heaven, and by the Holy Spirit was incarnate of the Virgin Mary, and became man. For our sake he was crucified under Pontius Pilate, he suffered death and was buried, and rose again on the third day in accordance with the Scriptures. He ascended into heaven and is seated at the right hand of the Father. He will come again in glory to judge the living and the dead and his kingdom will have no end. I believe in the Holy Spirit, the Lord, the giver of life, who proceeds from the Father and the Son, who with the Father and the Son is adored and glorified, who has spoken through the prophets. I believe in one, holy, catholic and apostolic Church. I confess one Baptism for the forgiveness of sins and I look forward to the resurrection of the dead and the life of the world to come. Amen.

The Bible is the word of God. But it’s not the only thing Christ left us!

The American form of government is actually a very good argument for the Catholic Church.

If you rely on any amount of good deeds to be saved, you won't fit through the narrow gate. Christ alone saves. Good deeds are simply a result.