How Your Credit Card Makes Money
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Wells Fargo's Loss in the Credit Card Market
The chapter explores Wells Fargo's financial loss in partnering with Bilt, a credit card-backed company enabling customers to pay rent with a credit card for rewards points, aiming to compete in the credit card market. It delves into the historical challenges of credit card acceptance for rent payments, the revenue model of credit card companies, and the debate on whether landlords or credit card companies pose a greater issue in the industry.
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