Chris Hutchins

speaker

980 appearances 2 recordings 2 series first heard Sep 2025 last heard 16 Sep

Chris Hutchins’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 1 in all, peaking in Sep 2026 with 1.

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American launched first.

Delta and United caught up that next year.

They were very nascent.

They were more like coffee punch cards than they were what they are today.

But in the mid-1980s, American launched the Advantage credit card and it was the first rewards card and it was tied to American Airlines.

And very quickly, everything changed.

In the mid-80s, Diners Club launched the first points program.

The Discover card at Super Bowl XX launched the cashback Discover card.

At the time, that company was a subsidiary of Sears.

And then in 1991, Amex launched membership rewards where you could transfer points places.

But it wasn't...

until that point in time where all of a sudden we thought of cards offering rewards.

So prior to that and continuing until today, there's a business model behind all of this.

So when those cards get charged, there's what's called the merchant discount fee.

And it probably ranges somewhere between two and three percent, could go a little lower in some cases.

And that's what's being paid for by the merchant.

So if you're buying something online, you're buying something at a store, someone pays that and that gets split out.

Some of it goes to the issuing bank.

Some of it goes to the network, the Visa, MasterCard, Amex.

Some of it goes to the processor.

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