That is correct. And I get 10-30 000 usd in business class tickets per year for a fraction (only paying taxes) with companion tickets and bonus points to buy business tickets. It is an expensive hobby but totally worth it.

I am also about to score life time golf status at one of the airlines. Yes thank you

If the store increases prices due to cash back cards, and I don't have a cash back card, then I'm losing. If I have a cash back card, then I'm losing less.

Or you just shop at a store that doesn't accept American Express and charges lower prices.

Amex acceptance is lousy for a reason

And who pays the merchant? I think you're this close to getting it...

> And who pays the merchant?

Card and cash users alike.