The average U.S. household income is $61,372*. Now, let’s take a look at two elite credit cards and their spending requirements:
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American Express Centurion: Cardholders must spend at least $250,000 per year across their accounts to be invited. One-time fee of $7,500.
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Stratus Visa Rewards: Available to those who spend north of $100,000 a year on their current credit cards. Annual fee of $1,500/year.
This proves: Elite cards have high annual fees and are only available to big spenders who are ready to fork over thousands a month. Merchants that accept these elite cards are paying for all the perks and rewards that get kicked backed to those card holders.
"You've got to spend more than what the vast majority of Americans earn in a year to qualify," says Chris Ligan, vice president of acquisitions at Auric US News & World Report
So, what’s the solution? Rate Lock Zero cash discounts. Auric is upgrading business owners to flat dollar programs that eliminate as much as 80% of credit card processing fees, especially elite cards with high transaction fees. In doing so, Auric is also putting consumers in the driver seat: the choice to pay with cash and receive a discount, or pay with a credit card for a nominal fee.
* 2017 U.S. Census Bureau data
