It’s Not A Black Card, It’s African American Express

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The Obamas took out a massive home loan and got a slightly lower-than-market-average rate (not for the size of the loan, but for all loans) at the height of the housing bubble. Oddly enough, banks prefer giving slightly lower rates on larger loans, because they can safely knock a couple of tenths off the rate and still guarantee tons of profit for the bank. I’m not sure why the Washington Post never looked at their own credit cards or auto loans or mortgages, but there’s a reason my bank offers me a higher rate on my car loan than they do Investment DuMoneybags who’s buying the second Mini Cooper for the weekends.

Meanwhile, the McCains could have just put the entire cost of the Obamas’ house on their AmEx, which does put things into perspective.