Rewards Programs

It used to be that when you needed financial services, you selected the best deal from a bank and rewarded them by paying a fee for the service. Now they pretend to pay you for being a customer.

Many decades ago you might get a cheap toaster or other trivial appliance for opening up an account at a financial institution but none were silly enough to offer to pay you for doing business with them.

When you consider that these folks only income derives from fees collected from customers, where do you suppose they get the funds to support those ‘Rewards Programs’?

To make those ‘Rewards Programs’ work they have to overcharge you for services and then dribble back some of the overcharges to you through the ‘Rewards Program’. You are not being rewarded, you are being screwed.

It is best to deal with institutions that have fairly priced services and no rewards programs.

My mother-in-law has an inactive credit card account with Bank America. Recently she received a letter from them detailing changes in their rewards program. Seems they have become less than generous with the rewards. That is okay. She does not use the account and has no intention to do so in the future.

In fact, after reading the official Bank America privacy policy none of us are ever going to be doing business with Bank America. Their privacy policy states that customers can request that their private information be kept private but Bank America reserves the right to share that information with third parties anyway. WHAT!!!!? What right?

As usual, anytime a company rolls out a privacy policy it usually is designed to screw the customer. No thanks. Our privacy policy is not to share private information with folk who can’t be trusted.

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