Ted Rossman
speaker
196 appearances
4 recordings
1 series
first heard Dec 2018
last heard Apr 2020
Ted Rossman’s voice in public audio — every appearance, attributed to the second.
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Appearances
And that's why we're seeing things like attractive ongoing rewards on restaurant spending or
Many hotel cards will give you a free night every year you renew the card, and a lot of those come with an annual fee.
So things that keep you spending is really what the issuers want, and consumers can get good value out of that as well.
I was really surprised that only 6% of people told us that what got them to sign up for their favorite card was the sign-up bonus.
What I suspect is that that is a really dedicated few, and these gamers and card churners are actually having an outsized impact because I know people with 25 or 30 credit cards.
It suggests to me, though, it's a small group of people that are doing it over and over.
I think that fits into millennials' love of experiences.
We really saw that back in 2016 when the popular Chase Sapphire Reserve card came out with all these great perks like airport lounge access and free global entry and free TSA pre-check, three points per dollar on all your travel and dining spending.
That really ushered in this new wave of competition in the credit card space.
It used to be that everybody said millennials didn't want credit cards.
They do want credit cards, though.
And we're definitely seeing that with cards like the Sapphire Reserve that tap into a love of travel and love of experiences.
So maybe millennials want cards.
They just didn't want their parents' cards.
That's right.
That's a $450 annual fee card, which is steep.
But as you said, there's a $300 travel credit.
So you take that off.
It's only $150.
And then if you throw in that $100 global entry or TSA pre-check fee every four years, you're really doing well, especially when you factor in the sign-up bonus, because that's 50,000 points.
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