One reason why you see “reward you for your loyalty” sort of schemes less with respect to the top end of the market is that one *extremely lucrative* subgenre of credit card user a) spends a lot and b) will switch providers based on who has the best offer.
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And here is a hard realization: the big bank marketing department telling your best customers this? They are telling your customers God’s honest truth. They factually are offering better terms than you are, plausibly across the board.
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There was a time in which financial institutions had relatively undifferentiated offerings and so the covert subsidy by your VDC of your EE was laundered through the bank. You can still find this in some markets. (Japan is an interesting example.)
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And thus folks building products for underserved folks find that they generally need to make the economics work on the population which *does not* transition out from being underserved. And then the mission... sounds a lot less fun.
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End of conversation
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Isn’t the optimal strategy for this company to avoid the credit bureaus? In essence this company is in competition with them.
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