The Jesse Mecham Show
Ask Jesse: Credit Card Rebels, Banks, and Emergency Funds
Oct 9, 2023
This podcast discusses the drawbacks of using credit cards and the unscrupulous motivations of credit card companies. It also explores strategies for budgeting with unpredictable income, handling currency conversions while living abroad, and gives recommendations on investing in index funds.
16:41
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Quick takeaways
- Limited competition in the credit card industry leads to higher fees for consumers and inflated prices for products and services.
- Using a debit card for everyday expenses and keeping a credit card for specific purposes can help avoid excessive spending and enriching banks.
Deep dives
The Impact of Credit Card Duopoly
The podcast episode discusses the duopoly of Visa and MasterCard in the credit card industry, highlighting how this limited competition results in higher fees for consumers. The episode explains how the fees, including those for rewards, are already baked into the system, ultimately leading to inflated prices for products and services. The host emphasizes the need for more competition in the industry to lower fees for all consumers.
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