Originally Posted by
Teckelspass
Citi is indeed very strict with this. … yes, it seems like they dig in their heels, even if somewhat irrationally.
Agreed, well written.
Originally Posted by
Dr Jabadski
… Unbelievable, Citi is essentially saying “we don’t want the business of a high net worth, potentially highly profitable, outstanding credit history customer” (who’s generating lots of profits for our competitors). Their loss.
Originally Posted by
ZenFlyer
… do you know the latter part to be true? I’m asking because I’ve seen you post on other parts of FT about your (remarkable) success in churning cards for SUBS. Might a particular bank not view that as a less-than-profitable endeavor?
Without the knowledge of bank’s/issuer’s internal accounting procedures it’s often impossible to know (if one is a profitable customer) for certain. Presumably any financial institution at which one has a large balance, either cash or securities, will be “making money” on said account.
Certainly some individual credit cards may be unprofitable but many financial institution relationships have more than one credit card account.
(I’m flattered that you pay such close attention to my musings, thank you. And if “remarkable” is intended as a compliment, thanks again.)
Originally Posted by
LovePrunes
… I'm thinking the retired doc may just be able to relax with his (quite large) savings and not just play the credit card sign up game. He certainly doesn't appear to need it. Good job for your financial position doc.
Thanks for the compliment. Not everyone wants to “relax with his/her (quite large) savings”. I believe Warren Buffet, one of the richest people in the world, drives a 10 year old car (which was a gift from his daughter) and lives in the same modest house he purchased in 1958.
And this game of miles and points, in addition to many other motivations, can also be a hobby or entertainment.
Maybe just a habit or addiction. I've been aggressively churning credit cards since the mid-80's. I recall churning NCNB Piedmont Visa’s for 2,500 SUBs and MBNA USAir Visa’s for 2,000 SUBs
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