Michael Spelfogel

@klarnaseb @BillAckman @realDonaldTrump Of course it’s lower. An installment loan is going to have a fundamentally different risk profile than a revolving line of credit. The reality is credit cards remain the most convenient and effective form of consumer loan that the world has ever known.

Bill, Klarna has been waging this fight against banks for 20 years! Trump is right! Capitalism is great but not Anarchy. Look how banks lobby and use old media to chase BNPL and Klarna when in fact our underwriting is better than banks, losses 20-30% below CC standards. We offer 0% interest credit. And BNPL is growing as consumer learn how superior it is despite what media writes. A cc transaction costs 5% in US when you consider merchant fees AND income from revolvers. You can make the business work on merchant fees alone. Creditcards in US are proven to be the most effective redistribution of wealth ever created. They move billions of dollars from low income households to high income households through the rewards system. federalreserve.gov/econres/feds/f…

I think President @realDonaldTrump’s goal of reducing credit card interest rates is a worthy and important one. My concern about capping rates at 10% is that doing so will inevitably cause millions of Americans to have their cards cancelled as credit card companies lose the ability to adequately price subprime credit risk. Consumers denied credit cards will be forced to turn to loan sharks whose rates and terms will be vastly worse for borrowers. While 20% or more is a high rate, loan sharks can charge multiples of these rates, and the cost of default can be physical harm or worse. I have no investments in the credit card space so I am not the expert, but the market for credit cards appears highly competitive. The best way to bring down rates would be to make it more competitive by making the regulatory regime more conducive to new entrants and new technologies. I commend the President for his focus on affordability for all Americans. Mortgage spreads and rates are coming down significantly due it his actions. Finding a way to bring down credit card rates without taking credit away from many Americans would have a very positive impact on the most disadvantaged Americans.

@chamath @coinbase @brian_armstrong @immuneeb DM me if you want the real thing

Coinbase sent me one of their rare commemorative Satoshi Nakamoto Coinbase One cards (1 of 21). Excited to get my own in the fall which comes with 4% back via Bitcoin. Long live BTC! Thank you @coinbase @brian_armstrong @immuneeb

@chamath @AmericanExpress @chamath DM me if you want early access to the Apple Card killer.

.@AmericanExpress may have the laziest and worst run marketing department of any large company. I have had an Amex Gold card for 20 years. In that time, I have also NEVER been approached for any kind of upsell, cross sell or reactivation. This is despite spending habits that, in some months, in some years, were quite meaningful and diverse. It’s almost as if they have ZERO understanding of their customers. Net result is ZERO loyalty. In the last few years, I’ve mostly migrated to using the @Mastercard Apple Card and the umpteen Ramp cards I’ve been issued. Seems like a big fail that will eventually catch up with them.

@shklarski @scottwkaz @Cardless Let’s go Gil! Thank you

Congratulations @scottwkaz @MSpelfogel and team for the next phase in @Cardless's journey techcrunch.com/2024/11/26/car…!

@AmericanAir your transcon from SFO is over an hour delay for “paperwork”, but there is a twist. All the bathrooms are inoperable until 16,000 feet according to the crew and we’re not allowed off the plane because we’re leaving “soon”. 🤦‍♂️

@LifeMiles I’ve had my account open 6+ years and tried to book a flight for MYSELF on my most frequently redeemed route. How is this “risk behavior”. I called you, submitted my ID and 2+ weeks later no action..

If credit cards get disrupted, the entire airline industry would vanish (or be forced to pivot). Many airline points programs EXCEED the value of the actual airline. Operating flights have become a loss leader for their points program. Merchant fees drive the airline industry.

Cardless raises $40M to help more brands launch custom credit cards tcrn.ch/36zPw37 by @bayareawriter

.@ManUtd has inked a deal with fintech startup Cardless to create a U.S. credit card that offers more than the typical range of rewards. sportico.com/business/finan…

Cavs first-of-its-kind Credit Card is available now! The Cavs Credit Card by @Cardless provides fans with rewards for every purchase including unique fan experiences, exclusive merchandise and ticket offers. Subject to terms and conditions. DETAILS: on.nba.com/3dGmq5p

@ngaurav38 @tkkong @MrBeastYT @202accepted Naren- DM me if you want to make it credit not just debit!

@tkkong @MrBeastYT @202accepted is doing this with astrobanking.com

what if @MrBeastYT released a credit card? 🤔 been thinking about co-branded cards for creators & brands more engagement + revenue

@tkkong @MrBeastYT Great idea! The future of credit cards is @Cardless ...

Thanks Khaled!!

@Aarondklein I'm building new "real time payments" at Guild. Want to talk? michael@guildcredit.com

Winner. #GoStanford

At. The. Buzzer! Cartwright's triple puts Stanford ahead 38-24 at the half. #GoStanford

No More #Pac12AfterDark stanforddaily.com/2017/10/10/spe… @StanfordSports @StanfordFB

Where is the Heisman Love!? @StanfordFB @ESPNCFB stanforddaily.com/2017/10/03/spe…

@StanfordSports @StanfordFB. KJ Must Play! stanforddaily.com/2017/09/26/spe…

My football column this week: (goo.gl/KjRqis). #stanford @StanfordFB @StanfordSports