Drawing on his own early misadventures with credit, Levchin concluded that the then-conventional wisdom—namely, that Great Recession–scarred, student loan–burdened Millennials were allergic to credit cards and consumer debt—missed the point. Consumers can instantly finance an expensive item through Affirm while paying off routine credit card charges in full each month. By contrast, once a cardholder carries a balance on a standard revolving credit card, every new purchase—even a $4 latte—typically incurs interest. Meanwhile, U.S. credit card balances have been dropping, and card charge volumes are still down from their pre-Covid levels. It could just be a reimagined, Millennial-friendly credit card.

Source: Forbes February 08, 2021 11:26 UTC