Does Chase care about customer retention?

Old Jan 28, 20, 8:21 pm
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Question Does Chase care about customer retention?

I'm curious about credit card companies' different attitudes toward customer retention:
  • With Capitol One, when I mention canceling my credit cards, they find out the reason and do whatever they can to keep me as a customer. So, it's no surprise that we've never canceled our Capital One cards.
  • With Chase, I've mentioned canceling cards via phone, they say "We're sorry to hear that," and that's it. And when I mention it in writing, they don't respond to it at all. So, it's likely that when we return from our vacation, our Chase cards are history.
Maybe it's just me but after going through a lot of trouble to get somebody as a customer, you'd think they'd be eager to try and keep them.

What accounts for this difference in customer retention approaches? Has anyone else experienced such differences between Chase and other credit cards?
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Old Jan 28, 20, 9:45 pm
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Originally Posted by alocsin View Post
  • With Chase, I've mentioned canceling cards via phone, they say "We're sorry to hear that," and that's it. And when I mention it in writing, they don't respond to it at all. So, it's likely that when we return from our vacation, our Chase cards are history.
If you don't get any value out of Chase, yes close and move on.
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Old Jan 29, 20, 12:59 am
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Chase doesn’t offer retention on their Ultimate Rewards cards because the annual fees are an important part of their profitability equation. With Capital One, the fees are more of a bonus and they also have a lower average credit score so I speculate those on the top end are likely to get kept around for ratings purposes.
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Old Jan 29, 20, 8:03 am
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The short answer is NO.

Fee revenue is a big part of its business. They designed the point benefit just to induce you to hold their cards for all your spending, carry a balance even better. If you use their "benefit" so much and they do not make $$ from you, then they would shut you down and move on.
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Old Jan 29, 20, 8:24 am
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You don't get to be the biggest bank in the US unless you are doing something right. What bank has a successful business model from giving away retention to people who would otherwise leave? The better plan is putting resources into making a product that people WANT. Capital One is more desperate to keep clients, so they will throw out offers. Meanwhile, people are signing up to Chase cards left and right. Why do they need to cater to people who are either trying to scam them out of the AF or won't use the product?

Besides, in today's age, companies should know that the internet will take advantage of anything they can.
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Old Jan 29, 20, 8:58 am
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It means exactly what Chase says, "we're sorry to hear that." If you don't see value in any product or service, why on earth are you spending money on it in the first place?

Just cancel the card and move on.
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Old Jan 29, 20, 9:26 am
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Chase runs a flawed business models and it makes the churners happy. It offers a fat bonus for new card holders with high AFs. Chase then expects cardholders to use the card for all spending or carry a balance.

The churners then cancel the cards after getting the bonus. Wait for 2 years and come back and get bonus again.

Last edited by RedSun; Jan 29, 20 at 9:36 am
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Old Jan 29, 20, 9:30 am
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capital one likely expects their (lower credit rated) customers to carry balances, so they want to keep you around.
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Old Jan 29, 20, 9:32 am
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Originally Posted by RedSun View Post
Chase runs a flawed business models and it makes the churners happy. It offers a fat bonus for new card holders with high AFs. Chase then expects cardholders to use the card for all spending or carry a bonus.

The churners then cancel the cards after getting the bonus. Wait for 2 years and come back and get bonus again.
My feeling as well. There are better cards for daily spending, e.g., BOA premium rewards, Blue business plus, Citi double cash, Altitude reserve
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Old Jan 29, 20, 9:40 am
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If you look at bank earning reports, you'll see BofA, Citi and even Wells Fargo have higher interest income to fee incomes from credit card businesses. They spend more time servicing existing customers and keep their business, particularly the average or lower income customers. But Chase target more affluent customers who carry premium (travel) credit cards and carry no or lower balances.
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Old Jan 29, 20, 7:30 pm
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Our Chase cards have actually been fine until our current trip: they mostly stopped working in Malaysia this year, which is detailed in another post. They even worked in Malaysia last year. Not to rehash that post here but Chase has not answered any of my questions as to why it's happening.

Unfortunately, they're the only credit cards we have atm, so we need to depend on them for our upcoming stops in Singapore and Japan where, hopefully, they will present no problems.

But yes, we will be cancelling them when we return home. And bringing more reliable cards on our next Malaysia trip.

Originally Posted by Often1 View Post
It means exactly what Chase says, "we're sorry to hear that." If you don't see value in any product or service, why on earth are you spending money on it in the first place?

Just cancel the card and move on.
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Old Jan 29, 20, 9:56 pm
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The consensus is that chase doesn’t give retention offers, previously I can see why but I think personally they are in for a rude awakening with the increase and the door dash credit.
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Old Jan 30, 20, 7:29 am
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Chase does make retention offers, but not for Sapphire Reserve:

Chase Retention Offers (2020)
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Old Jan 30, 20, 8:31 am
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Just cancel the card and move on.
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Old Jan 30, 20, 10:08 am
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Originally Posted by mia View Post
Chase does make retention offers, but not for Sapphire Reserve:

Chase Retention Offers (2020)
Yes. I got a $60 bill credit when I called to cancel my CSP last year. I also got a $100 bill credit when I called several years ago on a Southwest card.
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