Originally Posted by
Mabuk dan gila
Chase, Citi, et al have teams of lawyers and experts poring over the fine print of my dealings with them looking for any and every loophole and nefarious gray area they can use to screw me any way they can. From my tax dollars to my credit card agreement.
Could you give an example or two? Certainly you don't mean to suggest that clear terms that don't provide much opportunity for bucking are tantamount to "screwing".
Originally Posted by
Mabuk dan gila
If I let my guard down for a moment and exposed a weakness where they thought they could take another buck from me (of if my fine government exposed a weakness that I am on the hook to pay for) I am quite certain the fine folks in their management would go for the jugular, take no prisoners and leave behind nothing but scorched earth and then would pat themselves on the back and say job well done. Banking these days is an adversarial endeavor. I get a warm fuzzy feeling when I burn a bank for a bunch of miles and never give then another dime of undeserved business. I am also happy that the airlines profit from selling them the miles as well. At least the airlines do deserve to profit from my business.
Shouldn't management's obligation to shareholders be to maximize profits in a legal manner? If customers are dissatisfied, as you are, they will move their business to another bank and thereby reduce revenues. For this reason, management has a natural incentive to be mindful of customer satisfaction. It is interesting that you are opposed to banks maximizing profits through fee structure but okay with the airline business, which does the same (and rightfully so).
Originally Posted by
seamaster73
...if you asked 100 people nobody i think would have a problem with miles from everyday purchases but some percentage would think it was "unethical" to churn cc,coins etc..or at least not be willing to do it..that was how i understood the OP's dilemma..
Anyone thinking that way should be mindful of the fact that Citi finds the practice of allowing churning profitable because net revenues exceed the net costs. If this ever changed, they could simply make rules against it, reduce the bonus miles, or place additional restrictions on them. Recently, there has been suspicion they are doing exactly that, so there's no need for the OP or anyone else to feel badly for them... a failing business model will only last so long, as failure is the best form of regulation.