Clay Travis

Not that I ever hit those penalties because I refuse to carry a credit card balance.

But, Clay, if we could get it down to 20%.

What would that mean?

Would that just mean that credit card stocks take a bit of a hit and have to reassess some of their – they're still going to give credit cards.

They're still making money.

I understand that at some level there's charge-offs, and you're going to say, but it's non-dischargeable in bankruptcy, and you have this huge collections industry that's going to continue to function as it does today.

Remember, they make money off of transaction fees.

They're not supposed to do this.

Some vendors, every time you go and you swipe that card, they're taking a percentage of the transaction.

Two or three percent, typically, every single time you swipe a card.

And that's an amazing business to be in, right?

But some places won't take the higher.

I think Amex tends to have the higher swipe fee.

And so they'll say, you've come across this, right, Clay?

I've been to restaurants.

They'll say, we don't take American Express here.

They're not supposed to do that, by the way.

Well, I should say they're not supposed to charge you more for using a credit card if you have a credit card contract with them.

But some places will do that, too.

They're like, oh, we charge a credit card fee.