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'There Are Two Kinds of Credit Cards'

The credit-card market has quietly split in two, Atlantic argues in a new story: one offering generous benefits to wealthy Americans, the other offering expensive debt to the poor. Credit-card balances have reached an all-time high of $1.2 trillion, with serious delinquency rates climbing to their h...

Credit-card balances have reached an all-time high of $1.2 trillion, with serious delinquency rates climbing to their highest point since the Great Recession. The poor subsidize the rich through two mechanisms: swipe fees that drive up retail prices by $1,700 annually for the average family, and late fees and interest charges that finance rewards programs. Bipartisan legislation now aims to cap interest rates and lower swipe fees.

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