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In the end it's the (usually) poor people who bought more than they could afford (either because they needed food or because they couldn't control their impulse buys) and are stuck paying interest on things they bought years ago

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Credit card interest payments go to the bank. Visa/MasterCard don’t get any of that.

I thought the bank was the one that provided the fraud protection, customer service, etc.

Fraud protection is not really “provided” by anyone, it is simply a reversal of the charge, leaving the affected merchant holding the bag.

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