Tech
How Credit Cards Work In The U.S. | CNBC Marathon
CNBC Marathon takes a look at how credit cards work in the U.S., including major industry players like Visa, Amex, and Discover.
$6.7 trillion. That is how much Americans spent using their debit or credit cards in 2019. More than 60% of those purchases were made using cards from Visa, a company that has long dominated the payment card industry. As payment cards become more essential in our daily lives, Visa has quickly grown to become one of the most valuable companies in America. So how exactly does Visa make money and why does it dominate the payment card industry?
Clarification: The 10% mentioned in the video at 12:30 refers to 10% of the average 2.2% of the swipe fee charged to merchants.
And armed with impressive rewards and a loyal customer base, Amex has achieved impressive growth over the years. The company’s revenue has increased over 32% since 2017 and shares of the company have shown resilience and growth in a tumultuous market. Yet Amex is far from dominating the credit card industry compared to the likes of Visa and Mastercard. So what is the secret to Amex’s success and where is it headed next?
Credit scores, which represent how likely a person is to pay his or her bills, affects almost every aspect of an American’s financial life. One key benefit built into the credit scoring system is its nondiscriminatory practice of using just numbers to determine a person’s creditworthiness. “Credit scoring when it was first developed was an advancement,” said Chi Chi Wu, staff attorney at the National Consumer Law Center. “It is better than having some banker sit across from you and judge you and read the information in your credit report, because they bring a lot of their subjective analysis and their own life experience into the analysis.” But despite the good intentions of credit report companies, many experts argue that the current system is still discriminatory.
Lastly, Discover is one of the largest credit card issuers in the U.S. and consistently tops a customer satisfaction survey. However, the stock has mostly underperformed that of the S&P 500 and its credit card competitors. So how does Discover stack up to its competitors and what’s unique about its business model? Watch the video to find out.
Chapters:
00:00 — Introduction
00:38 — How Visa Became The Most Popular Card In The U.S. (Published October 2021)
14:42 — Why Wealthy Americans Love AmEx (Published January 2023)
27:05 — How Credit Scores Work (Published October 2022)
41:10 — How Discover Won Over The U.S. Middle Class (Published February 2020)
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How Credit Cards Work In The U.S. | CNBC Marathon
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@anhnguyenhong8770
December 19, 2023 at 7:55 am
Bon toi vua chot: co khoang 10,000 human aliens song tai Saigon. Luong 10,000-15,000 USD/month. Done.
@anhnguyenhong8770
December 19, 2023 at 7:55 am
Dang le toi nen nhan lam nam 2007 cho cong ty Chung khoan. Luong thap nhung co cac co hoi khac. Toi da co quyet dinh luc do lam Xuat nhap khau, vi vay da lo co hoi, cham tre toi gio nay. Dang noi that.
@anhnguyenhong8770
December 19, 2023 at 7:55 am
Ok. Neu vay Vo Van Thuong hien tai la fake, con Ho Chi Minh. Da phau thuat tham my. Dead. Fair.
@anhnguyenhong8770
December 19, 2023 at 7:55 am
Nghia la Vo Van Thuong con Vo Van Kiet da chet roi? Real one da chet?
@chasjeffii
December 19, 2023 at 7:55 am
The system needs to be revamped; it still has very discriminatory flaws
@Saint.Moogle
December 19, 2023 at 7:55 am
…. Alternatives outside of credit cards that facilitate contact less payment do exist and are used to day in other countries, like QR Codes via Wechat Or Alipay for example.
@perryreasch1209
December 19, 2023 at 7:55 am
PONSIE SCAM LIKE ALL BANKS AND FINANCE
@merlinxtc
December 19, 2023 at 7:55 am
Retailers complaining like they actually aren’t passing on their fees to the consumers
@viewerpet12
December 19, 2023 at 7:55 am
bs
@OLgoods
December 19, 2023 at 7:55 am
Blockchain is the future.
@SelectorSam
December 19, 2023 at 7:55 am
Switch to crypto.
@anhnguyenhong8770
December 19, 2023 at 7:55 am
Bon may khong tra ngay la tao lam loss, cat lo nua. Ngay.
@anhnguyenhong8770
December 19, 2023 at 7:55 am
Nhu vay toi vua chot duoc loi nhuan khoan Dau Tu hoi lau ROI va profit la 490 Trieu USD. Giao credit cards ngay.
@anhnguyenhong8770
December 19, 2023 at 7:55 am
Duoi human aliens.
@anhnguyenhong8770
December 19, 2023 at 7:55 am
Bon may khong giao cards nen tao buon tao lam loss. Giao cards ngay.
@fortgrove3166
December 19, 2023 at 7:55 am
Racism, racism, racism but embrace diversity lol. I am from the hood and have a 810 credit score. I went through financial education when I didn’t manage my finances many decades ago. Stop blaming everything on racism.
@zacharyjohnson2928
December 19, 2023 at 7:55 am
Cool ad for American Express CNBC.
@cream0502
December 19, 2023 at 7:55 am
THE ALGORITHM IS BUILT TO KEEP THE LESS FORTUNATE FROM BEING SUCCESSFUL. FICO SCORE CAN DETERMINE JOB AND HOUSING, B.S.
@TonyFarley-gi2cv
December 19, 2023 at 7:55 am
We'll see it's only always affected the majority of the masses because we've had to accepted rotation with we're just a justify by changing our administration and our name and will employ you over so which is ultimately took out her credit response to our jails and to acceptance development to other things so what I think we did was we turned if you're going to rotate that direction and taxes or development era is going to start to come from administration to approval it's going to stay in administration's credit response to their growth
@chasemoray425
December 19, 2023 at 7:55 am
I love when losers complain about a company doing better than their competitors 😂
@user-wx9nt1fv9z
December 19, 2023 at 7:55 am
Oh no some company see the pain that they getting by visa.
@stheworldturns
December 19, 2023 at 7:55 am
Useless middle man collecting fees for no reason.
@anhnguyenhong8770
December 19, 2023 at 7:55 am
Nhung do la Hedge, Quan trong la entry/exit points phai tot. Vi vay phai hoc.
@anhnguyenhong8770
December 19, 2023 at 7:55 am
Cleared roi. Giao credit cards ngay.
@anhnguyenhong8770
December 19, 2023 at 7:55 am
An cap an cuop tien banks? Tra loi: khong du chuan vay tien nhung van lay duic tien nhu vay. Goi la an cuop. That.
@anhnguyenhong8770
December 19, 2023 at 7:55 am
Nhu thay Hieu – dai hoc kinh te luc truoc la Thay toi. Bay gio lai khac roi.
@anhnguyenhong8770
December 19, 2023 at 7:55 am
Ngay. Giao cards ngay.
@anhnguyenhong8770
December 19, 2023 at 7:55 am
Canh cao China, Hongkong. Rut ngay.
@anhnguyenhong8770
December 19, 2023 at 7:55 am
Xi, Trong bi tu chung than nghia la cac ong khac thay. The xong. Cong chung ho phai biet nhu vay.
@anhnguyenhong8770
December 19, 2023 at 7:55 am
Mr. Hoa bank – thuoc dang lanh dao bank cao cap, dang kho khan toi hoi ngac nhien. Luc toi ra Phu Yen thi ban lai car toi Airport don toi nen toi thay ban hoi lao nhung cung duoc.
@anhnguyenhong8770
December 19, 2023 at 7:55 am
Hoa bank – kinh te chuyen nganh tinh no hoi lao nhung cung choi duoc.
@anhnguyenhong8770
December 19, 2023 at 7:55 am
Ok Truc – kinh te chuyen nganh. The xong.
@anhnguyenhong8770
December 19, 2023 at 7:55 am
Ok Hoa – kinh te chuyen nganh. Lanh dao Bank in Saigon. Giup vay duoc roi.
@mryashc
December 19, 2023 at 7:55 am
This business model was from the times when computing and communication had a price tag. But today they are ubiquitous and almost freely available
@anhnguyenhong8770
December 19, 2023 at 7:55 am
White aliens girls bon em ve dep Tu nhien, khong tham my. Tuy nhien da du ROI. The xong.
@jpzhang8290
December 19, 2023 at 7:55 am
https://youtu.be/oue5A-7Hpx4?si=3fiJChGPzvsEtAhG&t=2867 Yo, you forgot to write the title and name
@peterhicks5590
December 19, 2023 at 7:55 am
If you banked at Barclays bank they don't work ,then they are closing hundreds of their branches and related building society branches .
Me I'm closing my accounts and have gone elsewhere.
They just sent letters out blaming the public because banking online is doing so well ,Just not in my case and tens of thousands of others.
Remember Northern Rock . With the new stress tests and a UK financial out for the next 2 yers to be flat at best me thinks there is a storm coming !
@anhnguyenhong8770
December 19, 2023 at 7:55 am
Do ho khong doc? Vi 2017-2018 toi da noi ve ban than toi rat nhieu lan: "Da chuyen Toan lai con Gioi Van". Kiem tra biet ngay. Do bon ong tao lam mat thoi gian. Dang noi that.
@anhnguyenhong8770
December 19, 2023 at 7:55 am
Tong tien nhung rat mau me. Chi don gian tra tien cho toi va toi se ky ngay.
@anhnguyenhong8770
December 19, 2023 at 7:55 am
Neu may giu tai san tao, thi may thua. Tao dang noi dung. Vi tao deo lam. That.
@anhnguyenhong8770
December 19, 2023 at 7:55 am
Vi bon may kiem 40-42 billion mot nam la hon tai san cua tao roi. Aliens bon may rat dot.
@anhnguyenhong8770
December 19, 2023 at 7:55 am
Tong tien nhung hoi dot. May phai tra tien. Ngay.
@anhnguyenhong8770
December 19, 2023 at 7:55 am
Aliens tong Tien toi, nhung phai tra Tien. Ngay.
@anhnguyenhong8770
December 19, 2023 at 7:55 am
Neu moi ngay lam viec loi nhuan 30 Trieu – 50 Trieu USD co nghia la annual return 7-10%. Nhu vay bon ong khong song noi. That.
@anhnguyenhong8770
December 19, 2023 at 7:55 am
Dac nhiem mien Nam bi bon Hanoi no pha, vi vay toi can He thong Bank rieng xua Chinh quyen Mien Nam. The.
@anhnguyenhong8770
December 19, 2023 at 7:55 am
Tien 100 million usd nhu vay chuyen nguoc ve Chicago. Khong co tien o Mien Nam xho den khi Chinh phu Mien Nam duoc thanh lap, dung He thong Bank Mien Nam rieng. The xong.