Ep 5. Secret History of the Credit Card

Secret History of the Credit Card is an eye-opening episode from the 23rd season of the Emmy award-winning investigative journalism series, Frontline. The episode delves into the murky origins of the ubiquitous credit card, uncovering the complex web of players, processes, and policies that have shaped and molded this multi-billion dollar industry over the last few decades.

Through a combination of firsthand accounts, expert interviews, and archival footage, Secret History of the Credit Card tells a compelling story of commerce, greed, and power in the US financial sector. Among the key players in this unfolding narrative are the major credit card companies themselves, such as Visa, MasterCard, and American Express, who have come to dominate the credit landscape in America and around the world. These companies have reaped enormous profits from the credit card industry, often at the expense of the unwitting consumers who use their products.

One of the most intriguing aspects of Secret History of the Credit Card is its exploration of the psychology of credit, and how it has come to be so deeply embedded in the American way of life. The episode provides fascinating insights into the ways in which credit card companies use marketing tactics, rewards programs, and other incentives to lure consumers into spending beyond their means. It also examines the often-dubious tactics that have been used to entice college students and other vulnerable populations into taking on credit card debt they cannot afford to repay.

Despite the fact that credit is now more central to our economy than ever before, few Americans are fully aware of the complex legal and regulatory framework that governs the credit card industry. Secret History of the Credit Card exposes some of the key fault lines in this system, from the high interest rates and hidden fees that trap many consumers in cycles of debt, to the aggressive collection tactics used by some credit card companies to squeeze money out of struggling borrowers.

Throughout the episode, viewers are given a rare behind-the-scenes glimpse into the workings of the credit industry, including the massive data centers and sophisticated algorithms that credit card companies use to manage risk and maximize profits. They are also shown the impact that the credit card industry has had on the wider financial sector, including the mortgage crisis of the mid-2000s, which was fueled in part by the reckless lending practices of some of the country's largest credit card companies.

Overall, Secret History of the Credit Card is a gripping and insightful exploration of one of the defining features of modern American life. It raises important questions about the role of credit in our society and the ways in which it can be both a liberating force and a dangerous trap. The episode is a must-watch for anyone interested in understanding the complex world of finance and how it shapes our lives.