NO

This is not "price discovery working efficiently" in arm's length transactions among two equal trading partners.

This is MAXIMUM_VALUE_EXTRACTION working efficiently between one player with all the power and information and another player with none of the power and information.

This is nothing more than a scheme to figure out what is the maximum amount of money they can extract for the transaction, for every single party. And, as pointed out in the article, the poor will get shafted even harder because they have fewer options, whereas the wealthy cardholders (who least need the deals) will get better deals because they have many options.

How is it that you are unable to see this is a scheme to screw everyone, and you in particular (for all possible values of you)?