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I recently attended a FinTech meetup in San Francisco where a founder shared his story. He’d been fired from his hedge fund job during the 2009 financial crisis and needed a new direction. Inspired to help friends find the best credit cards, he created a detailed spreadsheet comparing different options and shared it widely.
During a financial crisis, thinking about credit cards was the last thing on my mind. It seemed counterproductive, akin to using a flamethrower on someone already engulfed in flames. Yet, this founder managed to captivate the audience with his passion for generating leads for credit cards. One person even asked him eagerly about his ideal credit card, which felt surreal, like a scene from the Twilight Zone.
Credit cards, with their exorbitant interest rates, are notorious for exploiting consumers. The average rate of 14% can be over seven times the bond yield. Students and others with no steady income are often offered cards with rates exceeding 20%, a financial trap for the unwary.
Credit card companies thrive on late fees and high charges, making it a lucrative yet destructive business. While rewards cards offer benefits like theft insurance and concierge services, they tempt people to spend beyond their means.
Should we base our main business on promoting credit cards, akin to selling drugs for profit, as seen in shows like Narcos? Many argue the moral implications of profiting from these financial products.
Despite its profitability, one has to question why the founder’s company raised significant venture capital recently. While it might benefit shareholders, the ethical implications are murky, especially for employees.
I’ve considered expanding into similar ventures myself, but promoting products I don’t believe in gives me pause. By not endorsing credit cards aggressively, I may be leaving money on the table, but I prefer maintaining ethical integrity.
How do we balance making money in controversial industries like credit cards and ensuring it aligns with our values? Is it possible to find work that is both financially rewarding and personally fulfilling?
These questions challenge us to reflect on our professional choices and the impact they have on society. It’s a dilemma many face in today’s economy, where financial gain often conflicts with personal values.
