...your comment sent me down a rabbit hole.

Apparently, they are able to maintain a monopoly through a combination of bribes and regulatory capture. They pay out about 10% of their revenue in the form of rewards; this amount is a pittance compared to what they are collecting, but it's enough to selectively bribe the most influential sector of society. They also shape consumer law to make themselves indispensable.

Think about it: your credit score goes down if you get rid of your credit card. If you had a VISA for ten years just because VISA was the best deal around, you will literally be punished if you decide to get rid of it.

..quite frankly, I could have never imagined that the truth was as messed up as it is.