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Earn 75,000 bonus miles! Double cash back! Free flights! Discounts galore! The enticements for credit card rewards programs promise fantasies. And for the privileged members who can convert taps of plastic into points, and those points into luxury, the process can feel like digital alchemy, or at least a delightful refutation of that adage about a free lunch. But as the Opinion Video above explains, that lunch — or that points-purchased round-trip ticket to the Seychelles — isn’t really free. Which raises the question: Who’s paying for it? Well, we all are. Subscribe: http://bit.ly/U8Ys7n More from The New York Times Video: http://nytimes.com/video ---------- Whether it's reporting on conflicts abroad and political divisions at home, or covering the latest style trends and scientific developments, New York Times video journalists provide a revealing and unforgettable view of the world. It's all the news that's fit to watch.