UPDATE: NZ credit card reward schemes see poorer households subsidise the well-off, MBIE says

Wed, 19 Oct 2016

(UPDATE: add's comment from NZ Bankers Association, updates with no comment from Payments NZ, 9th and 10th par) By Edwin Mitson Oct. 19 (BusinessDesk) - Poorer households in New Zealand are subsidising higher-income households to the tune of $59 million a year through credit card reward schemes, an issues paper from the Ministry of Business, Innovation and Employment says. The paper estimates that the total cost of merchants increasing their prices to fund rewards for credit card users is $187 million dollars a year. The total addition...

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