Vlad Tenev

I mean, we can't make them fast enough.

It's like people still complain that they're on the wait list, even though it's sort of like, yeah, among the fastest growing cards in history.

And what this gives you, it's again, it's the same combination of things that make Robinhood successful.

You know, if I had to distill it into two things,

It's amazing user experience and amazing economics.

Can we lead in both of those?

And I think one of the two gives you a good product, but if you nail both, if you give people the best economics and the best customer experience, then it's really strong.

So this card, what's special about it, 3% cashback on all categories.

So the next highest you'll be able to find is two.

So it's like...

head and shoulders above the rest.

How were you able to do it?

In a nutshell, it's also the same playbook, which is if you look at the big credit card companies, like Capital One, for instance, and you look at how much revenue they generate over their transaction volume, you get to something like 6%.

So they actually, if you look at all aspects of the credit card business, add them together, it's like 5% to 6% volume yield.

Now why can't they do 3%?

Well, they have something like 20,000 employees.

They're spending billions to tens of billions on marketing.

So the observation is if we can cut that, operate much more efficiently, spend less on marketing, in fact, we put the vast majority of our resources on the actual core economics that are easy to understand.

then it becomes so good that the customers market for you.

And that's why, you know, anytime I tweet on social media, I usually have a bunch of people replying to me asking where their gold card is because they've been waiting for months or years in some cases.