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by saalweachter
4550 days ago
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Hmmm, that is definitely a part of the mystery. According to their annual reports, Chase, Bank of America, Citicorp, and Wells Fargo had a combined $15.3 billion in card services revenue/card fees. If you add that to the $7.4 billion in revenue from Mastercard, $10.4 billion in revenue from Visa, and $27 billion in non-interest revenue from American Express (of which $17 billion was "discount fees", which I think means cash-back), you're up to $60 billion dollars. I feel comfortable going from $60 billion to $100 billion just extrapolating from the top companies to the rest of the industry. Any guesses on where the extra $400 billion is going? |
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