Why could you get a 2%+ cash back card 10+ years ago with lower interest rates than today's cards?

[digitek]

We can agree to disagree because I'm also pretty sure:

"Merchants will just earn 3% more profit than before"

That is also not how it works 😁

[iv]

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@galahad15 wrote:

was just curious as to what happened exactly that made this significant shift of APRs upward on rewards cards between 10+ years ago and today?

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In large part? The CARD ACT of 2009, and its rules on rate adjustments...

https://www.ftc.gov/sites/default/files/documents/statutes/credit-card-accountability-responsibility...