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Who actually pays for your credit card rewards?
Learning Stats
CEFR Level
Difficulty
Subtitles (87 segments)
This is Brian Kelly.
You’ll often find him traveling...
I’ve been to Ghana now ten times.
I got to visit Liberia.
Took my parents to South Africa.
I love flying Emirates first class — it’s gaudy, it’s gold.
You get caviar.
So Brian traveled to all these places basically for free. And he did it using credit card rewards.
Banks promise offers like cashback, bonus miles, and cash bonuses
to get you to sign up and spend.
And it’s rewards like these that people like Brian have become masters at maximizing.
Ultimately though, someone is paying for these credit card rewards.
And there's a hidden battle going on over their future.
During the Great Recession, some of the biggest US banks —
Wells Fargo, JP Morgan and Bank of America —
had a problem.
They weren’t making as much money from mortgages.
So they shifted their business to credit cards.
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