What is Citi doing?

[Anonymous]

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@darwin_wins wrote:
I would be interested to find out how many people really try to churn the card as opposed to regular people. It is extremely difficult for most people to juggle more than few cards because they dont want to deal with the headache of remembering things.

I carry all the cards in my wallet ( of course i dont have a lot of them) and I i will use what is best for the occasion. I still think very few people churn compared to rest of the population, also I think Citi does profit from regular folks.

As for Blispay, I dont think I know anyone who has heard about this card at all. Only people who visit the boards know about it so if they go out and advertise may be a lot of people will sign up (but who knows, they may not given that one or 2 cards is what most people want and I am not talking about people who sign up in stores because hey you can get 25% off this purchase )

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A small portion of the population could mean millions of churners in a rather large country. Let's say Citi is offering a  50,000 ThankYou points on their Premier card if you open the card and spend $2,000 on it in the first two months. Many churners would understand how to use the points properly to get maximum value; therefore, ever churner would get $625 in airfare travel just for signing up for the card. Let's say five million churners signed up... That's $3,125,000,000 wasted on people who churn cards for a living. Three billion dollars down the hole for those who will probably keep the card for less than a year, not to menion the loss in annual fees which is $95 per person, so another $475,000,000 on top of it, totaling $3,600,000,000. Imagine how happy your shareholders would be if you were able to return three billion, six hundred million dollars to their shareholders? Pretty darn happy. 

[Anonymous]

You think there are 5 million churners in a country of 320 million? Dude 1.5% of the country is not churning lol

[Anonymous]

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@Anonymous wrote:
You think there are 5 million churners in a country of 320 million? Dude 1.5% of the country is not churning lol

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Are you sure about that?

[Anonymous]

Based on people I know, I am pretty certain about that. Most people I know still have no credit cards and if they do, it's issued by the bank they bank with and is not really a big rewards card. The rich people I know don't care about the rewards enough to use any more than 1 or 2 cards.

I'm sure many people may come across an advertisement for a bonus offer and jump on it, with the full intention of taking the bonus then closing the card, but those are not the churners you are talking about.

The Costco portfolio was huge, one of the biggest in the industry, and had a total of 8 million accounts.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
You think there are 5 million churners in a country of 320 million? Dude 1.5% of the country is not churning lol

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Are you sure about that?

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I would put big money down on that. Too bad there's no real way of finding out unless one got internal numbers from a bank's CC division

[Anonymous]

I would imagine more than 1.5% churns. I would imagine easily double that..

[Anonymous]

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@Anonymous wrote:
I would imagine more than 1.5% churns. I would imagine easily double that..

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I wonder how many people use this site. A good majority of them would probably be churners.

[Closingracer99]

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@Anonymous wrote:

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@Anonymous wrote:
I would imagine more than 1.5% churns. I would imagine easily double that..

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I wonder how many people use this site. A good majority of them would probably be churners.

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Meh I don't really churn... The only card I apped for the sole purpose of the signup bonus was the CSP for the 50,000 points after spending $3,000 ( 2014) which I just turned into a CS before the AF because it didn't my spending cause I don't find the parters useful for me. The Citi AAdvantage i got 50,000 points after spending $3,000 and the Citi Premier which both have $95 AF's I am planning on keeping for the forseable future

[Anonymous]

I seriously doubt 1.5% of the population churns.

I know it's anecdotal but I own a very busy retail store and I can tell you that most people pay us using their debit cards and out of all the people I know (ALOT), no one is "into" credit cards like I am.

[Anonymous]

Keep in mind if people are credit card shopping then the points guy often comes up and he will make people see value in cards with an AF and that may lead to something too. Obviously card churning is popular otherwise AmEx wouldn't allow you to only get a bonus once and chase wouldn't limit their bonuses on the same cards to one time and then you get it again after it's been closed for two years or whatever. Now cap1 is tightening the reigns some... It's clearly more than a mere 1.5%