从小热爱计算机和数码的水瓶座 INTP手机卡/银行卡/驾照/身份证/签证移民/留学/etc，美国为主非中介，不是运营商的，不是银行的，也不是学校官方人员，一边摸着石头一边过河，立志打破信息差，公益分享与科技数码金融相关的资讯从 2023 年 6 月开设小红书至今本频道的原创信息均采用 CC BY-NC-SA 4.0 知识共享协议 发布；请不要绕过小红书直接在内地平台分享本频道的内容，取而代之分享小红书笔记即可，谢谢！友情链接：@encmasuta@LetITFlyWhttps://tab.letitfly.mehttps://tab.letitfly.me/posts/251https://tab.letitfly.me/posts/251Mon, 17 Aug 2026 23:17:31 GMT<div class="image-list-container image-list-odd"> <button type="button" class="image-preview-button image-preview-wrap" popovertarget="modal-251-0" popovertargetaction="show" aria-label="Open image preview: 顶刊精粹丨信用卡利率为何高达22%美国信用卡平均利率约22%，比短期无风险利率高出18个百分点；但将近一半家庭仍在使用信用卡借款"> <img 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js-message_text">顶刊精粹丨信用卡利率为何高达22%<br />美国信用卡平均利率约22%，比短期无风险利率高出18个百分点；但将近一半家庭仍在使用信用卡借款。高利率到底是在补偿违约风险，还是银行真的赚得太多？这项研究利用覆盖美国90%信用卡市场的数据，给出了更细的答案。<br /> <br />作者分析了5.5亿个按月记录的信用卡账户现金流。信用卡的核销率确实较高，平均约6%，但违约只能解释利差的一部分。奖励支出和非利息成本，反而被商户 interchange 收入和其他非利息收入抵消了。<br /> <br />真正突出的成本是运营费用，尤其是营销。银行花大量资源争取消费者、提供奖励和建立使用习惯，这些支出帮助它们获得定价能力，但扣除全部费用后，信用卡贷款仍取得约6.8%的资产回报率，是银行业整体回报率的四倍以上。<br /> <br />利用账户之间的差异，研究者估计信用卡利率中包含约4.3%的违约风险溢价，这一水平与高收益债券相近。即使把这部分风险补偿扣除，信用卡业务相对整个银行业仍有约1.5%的超额回报。<br /> <br />这意味着信用卡高利率不只是“因为借款人容易违约”。竞争、营销投入、支付网络收入和消费者黏性共同决定了价格。信用卡对银行来说，是一个能通过规模和使用频率产生高收益的业务。<br /> <br />对消费者来说，奖励积分不一定是免费午餐：它可能由较高的借款利率和商户支付的 interchange 费用共同支持。对监管者来说，判断市场是否竞争充分，也不能只看表面利率，还要看账户获客、奖励和支付收入如何改变银行的定价能力。<br /> <br /><i class="emoji"><b>📄</b></i> 论文：The Economics of Credit Card Lending｜Itamar Drechsler, Hyeyoon Jung, Weiyu Peng｜<mark class="highlight">NBER</mark> Working Paper No. 35607｜2026<br /><a href="/search/result?q=%23%E7%BB%8F%E6%B5%8E%E5%AD%A6" title="#经济学">#经济学</a> <a href="/search/result?q=%23%E5%AE%9E%E8%AF%81" title="#实证">#实证</a> <a href="/search/result?q=%23%E5%AE%9E%E8%AF%81%E5%88%86%E6%9E%90%E6%80%8E%E4%B9%88%E5%86%99" title="#实证分析怎么写">#实证分析怎么写</a> <a href="/search/result?q=%23NBER" title="#NBER">#NBER</a> <a href="/search/result?q=%23%E8%AE%BA%E6%96%87" title="#论文">#论文</a> <a href="/search/result?q=%23%E6%AF%95%E4%B8%9A" title="#毕业">#毕业</a> <a href="/search/result?q=%23%E8%AE%A1%E9%87%8F%E7%BB%8F%E6%B5%8E%E5%AD%A6" title="#计量经济学">#计量经济学</a><br /><br />source: <a href="http://xhslink.com/o/4Wd5VhMt6wv" target="_blank" rel="noopener" title="http://xhslink.com/o/4Wd5VhMt6wv">http://xhslink.com/o/4Wd5VhMt6wv</a><br /><br />by 小红书 ShowMeThePaper</div>