Inside the Mysterious World of Credit Cards (with Patrick McKenzie)

Patrick McKenzie, a tech and finance writer and advisor at Stripe, dives deep into the world of credit cards. He reveals how credit card companies generate revenue and discusses the impact of rewards programs on different socioeconomic groups. The conversation also touches on credit card fraud, the balance banks must maintain to protect consumers, and the paradox of low-income users subsidizing wealthier consumers. McKenzie critiques common misconceptions about credit card economics and emphasizes the importance of negotiation skills in financial decisions.