### Comment:
Yeah it is. That’s actually the main moat that Visa, Amex, MasterCard have. A lot of the weird new boutique cards have been going out of business because the debt load - along with the bonuses paid to all the churners 😂 - was more than they expected, the repayments were coming in slower than expected, and the transaction fees didn’t bring in as much money as they thought.

### REPLY:
Visa and MasterCard just process payments, all their cards are backed by a bank. (Unlike American Express or Discover)

### END.