Max Levchin

about credit cards being accepted at Wendy's, if I remember correctly.

So I'm like, oh my God, you're financing a burrito, which is a good reminder because every time you swipe your card at Wendy's or your fast food of choice, you are financing a burrito or a burger or a $2 espresso shot.

And so, sure, I mean, you can trash the latest innovation as like, oh, that's just so silly.

I thought the burrito game was funny and entirely disingenuous and may have been planted by the

credit card industry zealots for all I know.

But we generally see a firm used for transactions that really matter to the person.

So our average size of a transaction is about $300.

That's actually been going down some over the years.

We started in the really high hundreds, like almost $1,000 per transaction.

So a firm means

more like things you know consciously purchased versus sure i'll just put it on my card and move on but we do have a card product which we built with exactly the same set of product design and sort of you know set of moral uh standards and it's done really really well and i'm sure some people use a firm card to buy burritos and i don't think anyone is uh splitting them into uh into four uh when you buy a low ticket item as they call it with a firm card

Generally speaking, you just paid off outright pretty much immediately.

So you can build products that don't have this burrito gate silliness to them.

We don't.

I think there's a I think there's a lot of attention given to credit maxing or point maxing to access.

Don't remember exactly the spelling, but I think that's actually more entertainment and a lot of work.

The reason we're paying attention to that particular trend in social media is because it sort of boggles the mind of someone to go through that much trouble to get a free trip to Italy.

Nothing wrong with a free trip to Italy.

I would love one myself.

But a free trip to Italy is more fun to watch than to actually execute these Ponzi scheme of moving from card to card to card.