"I Bet You Think About Me" sees Swift cheekily bashing her ex, who is pretentious, condescending, and hails from a silver-spoon upbringing. Lyrical nods such as "Glamorous, shiny, bright Beverly Hill", "I bet you think about me when you're out / At your cool indie music concerts every week," and "You laughed at my dreams, rolled your eyes at my jokes," all seem to point to Jake Gyllenhaal (especially since they all mirror lines from "All Too Well," an original Red song believed to be about Gyllenhaal).
Swift discussed the song's vibe while talking with Country 102.5, saying, "We wanted this song to be like a comedic, tongue-in-cheek, funny, not caring what anyone thinks about me sort of breakup song. Because there are a lot of different breakup songs on Red, some of them are very sincere, and some of them are very stoic and heartbreaking, and sad. We wanted this to be the moment where you're like, 'I don't care about anything.' We wanted to make people laugh with it. We wanted it to be a sort of drinking song. I think that that's what it ended up being." This further hints that the song may have been the more fun, flippant alternative to "All Too Well."