TLDR
How Your Credit Card Makes Money
Jun 25, 2024
Learn how credit card companies profit, the investment preferences of the ultra-rich, and the cancellation of Canada's comedy festival. Dive into Wells Fargo's credit card market loss, investing strategies of different age groups, and the challenges faced by the arts industry.
20:57
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Quick takeaways
- Credit card companies generate profits from transaction fees, not just interest rates.
- Younger investors opt for alternative investments like real estate and crypto over traditional stocks.
Deep dives
The Innovative Idea Behind Bilt Credit Card
Bilt credit card aimed to allow users to pay rent with their credit card, earning rewards points. This innovative idea targeted higher-income individuals who typically couldn't use credit cards for their largest expense, rent. Wells Fargo saw it as a competitive move to attract new customers, aiming to replicate the success of other prominent credit cards like Amex and Chase Sapphire.
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