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Harvard Business School
library.hbs.edu > working-knowledge > how-credit-card-rewards-became-multibillion-dollar-wealth-transfer

How Credit Card Rewards Became a $9.2 Billion Wealth Transfer | Working Knowledge

8+ hour, 7+ min ago   (908+ words) Featuring Mark L. Egan. By Rachel Layne on August 20, 2026 As inflation-weary businesses raise prices to cover credit card interchange fees, the pain isn't universal, says research by Mark L. Egan. At scale, these fees shift billions from cash and debit card users…...