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    1. eigenrobot‏ @eigenrobot 11 Jan 2020

      eigenrobot Retweeted Michael

      this is actually a super interesting figure, especially at the bottom end be interesting to have histograms with balances charged each month by FICO and balances outstanding, this might clarify some thingshttps://twitter.com/mmay3r/status/1215528982294065152 …

      eigenrobot added,

      Michael @mmay3r
      Credit card profitability. pic.twitter.com/6uj3tAKhYb
      8 replies 10 retweets 80 likes
      Show this thread
    2. eigenrobot‏ @eigenrobot 11 Jan 2020

      seems like consensus is: (i) high end is people with high scores paying off cards each month but generating merchant charges; (ii) low end folks rack up fees and interest I have to say I had not expected the proportions of these profit centers to be as they are

      2 replies 0 retweets 18 likes
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    3. eigenrobot‏ @eigenrobot 11 Jan 2020

      oh I'm an idiot top figure is not *absolute* profits it's profits as a share of average daily balance (adb) okay that clarifies some things and muddles others

      1 reply 0 retweets 20 likes
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      eigenrobot‏ @eigenrobot 11 Jan 2020

      I guess it gets me back to my main curiosity: how have these profits not been substantially competed away?

      3:27 PM - 11 Jan 2020
      • 1 Retweet
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      • 🐜onio (🎅🏼,🎅🏼) "Insufficient Gravitas" Barnaby JR Thatcher 📈 golden phantom (50(1 + sqrt(5))/100) Andrew Stratelates ⚓🏴󠁧󠁢󠁥󠁮󠁧󠁿☦️ Trad Anglican Charles DeGlopper
      9 replies 1 retweet 6 likes
        1. eigenrobot‏ @eigenrobot 11 Jan 2020

          oh nevermind I get the lower end high profit per average daily balance because fees are assessed at a fixed amount rather than as a fraction of balances ok fun talk everyone thanks

          0 replies 0 retweets 11 likes
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        1. New conversation
        2. halvorz ¯\_(ツ)_/¯‏ @halvorz 11 Jan 2020
          Replying to @eigenrobot

          I don't understand why is it surprising that they make a profit?

          1 reply 0 retweets 1 like
        3. eigenrobot‏ @eigenrobot 11 Jan 2020
          Replying to @halvorz

          I view credit cards as pretty fungible. The last time I was looking at credit (for the car) it was super easy for me to go online and compare quotes from a half-dozen lenders; fairly similar for CC hard to keep profit margins high when you peddle undifferentiated goods

          2 replies 0 retweets 2 likes
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        2. eigenrobot‏ @eigenrobot 11 Jan 2020

          That's from the merchant side tho 🤔

          0 replies 0 retweets 0 likes
        3. End of conversation
        1. New conversation
        2. Alvaro de Menard‏ @AlvaroDeMenard 11 Jan 2020
          Replying to @eigenrobot

          natural oligopoly?

          1 reply 0 retweets 1 like
        3. eigenrobot‏ @eigenrobot 11 Jan 2020
          Replying to @AlvaroDeMenard

          Hmmm Guess it depends on the relationship between banks issuing CCs and Visa/MC

          0 replies 0 retweets 0 likes
        4. End of conversation
        1. Watercressed‏ @Watercressed 11 Jan 2020
          Replying to @eigenrobot

          competeing on price gets you all the price-sensitive customers, which are also the ones most likely to default.

          0 replies 0 retweets 1 like
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        1. Life Is Brief‏ @recordofabeing 11 Jan 2020
          Replying to @eigenrobot

          The bottom end is young people willing to pay to join the high credit club, or conned into cards. The top end is all about marketing points/perks, then relying on laziness/malaise of the upper class. Also, large credit reserves are used as a safety net sometimes.

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        1. Martingale‏ @gearzimodo 11 Jan 2020
          Replying to @eigenrobot

          top fico scores are only given to those who don't need to carry debt but still do. the most responsible get midrange scores

          0 replies 0 retweets 1 like
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