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Americans are feeling bleak about the economy. Yet, despite headwinds, high earners are still spending like mad — and credit card companies are offering more and more perks to attract them.
But some experts are worried these additional rewards for the rich are raising costs for everyone else, from merchants to customers.
“Credit card companies (are) working to serve the most affluent customers more and more,” said Doug Kantor, general counsel at the trade group National Association of Convenience Stores (NACS). These companies “try to get (high earners) more rewards at everyone else’s expense by pushing those costs on to everyone.”
This year, both American Express and JPMorgan Chase added luxury perks to their top rewards cards. For example, the Amex Platinum Card now offers a $200 credit for an Oura ring, while the Chase Sapphire Res
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