How Long to Read Who Pays for Your Rewards? Redistribution of the Credit Card Market
By Sumit Agarwal
How Long Does it Take to Read Who Pays for Your Rewards? Redistribution of the Credit Card Market?
It takes the average reader 1 hour and 13 minutes to read Who Pays for Your Rewards? Redistribution of the Credit Card Market by Sumit Agarwal
Assuming a reading speed of 250 words per minute. Learn more
Description
We study credit card rewards as an ideal laboratory to quantify redistribution between consumers in retail financial markets. Comparing cards with and without rewards, we find that, regardless of income, sophisticated individuals profit from reward credit cards at the expense of naive consumers. To probe the underlying mechanisms, we exploit bank-initiated account limit increases at the card level and show that reward cards induce more spending, leaving naive consumers with higher unpaid balances. Naive consumers also follow a sub-optimal balance-matching heuristic when repaying their credit cards, incurring higher costs. Banks incentivize the use of reward cards by offering lower interest rates than on comparable cards without rewards. We estimate an aggregate annual redistribution of $15 billion from less to more educated, poorer to richer, and high to low minority areas, widening existing disparities.
How long is Who Pays for Your Rewards? Redistribution of the Credit Card Market?
Who Pays for Your Rewards? Redistribution of the Credit Card Market by Sumit Agarwal is 73 pages long, and a total of 18,469 words.
This makes it 25% the length of the average book. It also has 23% more words than the average book.
How Long Does it Take to Read Who Pays for Your Rewards? Redistribution of the Credit Card Market Aloud?
The average oral reading speed is 183 words per minute. This means it takes 1 hour and 40 minutes to read Who Pays for Your Rewards? Redistribution of the Credit Card Market aloud.
What Reading Level is Who Pays for Your Rewards? Redistribution of the Credit Card Market?
Who Pays for Your Rewards? Redistribution of the Credit Card Market is suitable for students ages 8 and up.
Note that there may be other factors that effect this rating besides length that are not factored in on this page. This may include things like complex language or sensitive topics not suitable for students of certain ages.
When deciding what to show young students always use your best judgement and consult a professional.
Where Can I Buy Who Pays for Your Rewards? Redistribution of the Credit Card Market?
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