Writing a BAM issue about why credit cards don't generally charge 10% interest (*sigh* had to comment on it given the beat, right), and depending on how the restructuring goes, might write a separate Seeing Like A Card Program Manager. Anything else you're curious about?

(I generally try to avoid news cycles but even after ill-considered policy proposals pass from it I feel there will still be some value in explaining how one maths one's way to 20%. Some parts are not intuitive.)

@proales One doesn’t have to be UHNW to get an offer from Amex for $50k at 7.9%. It just won’t be on the revolving line, which will still quote something in high teens or low twenties to the same person.

@sixhobbits And thus the relatively limited fintech work for new credit cards is for market segments that BigBank looked at and said “Yeah of my tens of billions of marketing spend I think I’ll target zero dollars on that one.”

@ben_mathes As an example, CSR is still the CSR even with recalibration over last decade. Not much relative churn among Amex tiers either as far as I can tell.