BMO Harris Survey on Credit Cards
#1
Original Member and FlyerTalk Evangelist
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Join Date: May 1998
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BMO Harris Survey on Credit Cards
BMO Harris sent me a survey about potential credit card products, it would appear they're considering a premium product to compete with AMEX Platinum and the like, i.e., premium price and premium features to justify the price. They asked about preferences for rewards, benefits, annual fees, and such. The most interesting aspect is that they seemed interested in waiving the annual fee if you actually do business with BMO Harris (e.g., account with direct deposit or greater than $100,000 in deposits). They also proposed waiving the annual fee if you spend $50k or more a year as an option. They asked about cash vs. points that could be transferred to partners (Marriott Bonvoy was the example they used), but it seems that may be a tough proposition for them because of all the exclusive contracts most airlines and hotels have now.
#2
Join Date: Aug 2008
Location: SAF
Programs: HH Gold, IHG Gold
Posts: 675
BMO Harris sent me a survey about potential credit card products, it would appear they're considering a premium product to compete with AMEX Platinum and the like, i.e., premium price and premium features to justify the price. They asked about preferences for rewards, benefits, annual fees, and such. The most interesting aspect is that they seemed interested in waiving the annual fee if you actually do business with BMO Harris (e.g., account with direct deposit or greater than $100,000 in deposits). They also proposed waiving the annual fee if you spend $50k or more a year as an option. They asked about cash vs. points that could be transferred to partners (Marriott Bonvoy was the example they used), but it seems that may be a tough proposition for them because of all the exclusive contracts most airlines and hotels have now.
#3
Join Date: Jun 2002
Location: California USA
Posts: 652
BMO Harris sent me a survey about potential credit card products, it would appear they're considering a premium product to compete with AMEX Platinum and the like, i.e., premium price and premium features to justify the price. They asked about preferences for rewards, benefits, annual fees, and such. The most interesting aspect is that they seemed interested in waiving the annual fee if you actually do business with BMO Harris (e.g., account with direct deposit or greater than $100,000 in deposits). They also proposed waiving the annual fee if you spend $50k or more a year as an option. They asked about cash vs. points that could be transferred to partners (Marriott Bonvoy was the example they used), but it seems that may be a tough proposition for them because of all the exclusive contracts most airlines and hotels have now.
#5
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,952
I don't think ideas mentioned in surveys are necessarily under consideration. They may be proxies for competitors' products. For example, mentioning a fee waiver could provide a comparison with a different approach that BMO has in mind.
#6
Original Member and FlyerTalk Evangelist
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Join Date: May 1998
Location: Kansas City, MO, USA
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#7
Join Date: Jun 2002
Location: California USA
Posts: 652
It would be a good opportunity to come out with a premium card under the Diner's brand.
#9
Original Member and FlyerTalk Evangelist
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Join Date: May 1998
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Posts: 16,579
#10
Join Date: Apr 2010
Location: NYCEWR
Programs: MP(1K) Million Miler, Marriott Plat
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#11
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Join Date: Jan 2005
Location: home = LAX
Posts: 25,932
Or that there reason they were unable to keep them was related to a contract they had with Marriott/SPG which is about to expire? Contracts between credit card companies and travel companies have limited terms, they don't last forever.