Originally Posted by
flyershmlyer
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).
Benefit devaluations have always been a fact of life, even in the "good old days", so I tend to assume (c) hasn't had more of an industrywide impact than in the past. That leads me to believe (b), which then leads to (a).