> At least compared to the major European and Asian countries in which I've traveled or lived in, credit card and bank/debit card offerings in the US are extremely generous in benefits, rewards, fees, etc.
That's true in my experience. It's hard to find a card that doesn't charge ridiculous fees for foreign transactions (even in local currency), for example.
There's the other side of the medal though. Which is that somebody is going to pay for this generosity by the card companies.
Either merchants pay ludicrous fees, which are severely capped in Europe. Or card companies outright rip off the less fortunate members of society by usurious interest rates and fees. Fees, which may be outright criminal[1] if charged in some of the European countries.
[1] That's not hyperbole. For example: Interest rates in Switzerland are capped at 15% annually. If you charge more than that for a loan it's usury, which is part of the criminal code.
That's true in my experience. It's hard to find a card that doesn't charge ridiculous fees for foreign transactions (even in local currency), for example.
There's the other side of the medal though. Which is that somebody is going to pay for this generosity by the card companies.
Either merchants pay ludicrous fees, which are severely capped in Europe. Or card companies outright rip off the less fortunate members of society by usurious interest rates and fees. Fees, which may be outright criminal[1] if charged in some of the European countries.
[1] That's not hyperbole. For example: Interest rates in Switzerland are capped at 15% annually. If you charge more than that for a loan it's usury, which is part of the criminal code.