Originally Posted by
linglingfool
Per the WSJ churning article that came out a couple days ago, card closings (as a % of active cards) jumped from just under 10% two years ago to almost 15% this year. My guess is that the retention budget did not see a corresponding 50% increase.
I think you're looking for the other metric: people that
don't close the accounts (after thinking about closing, or calling retentions, etc.)
Closing rate going from 10->15% might mean a) retentions budget got tighter, b) they're attracting more churners than previously, or c) people see less value in their card (which could be argued happened with prestige with the devaluations).