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New deals for new customers - What happens to loyal customers?

Posted by Fibi8 Fibi8
Message 1 of 3 362 Views

I've noticed that BankWest have a deal for new More mastercard customers.  They are offering annual bonus reward points to those people that have a particular spend (eg. $48,000 annual spend will get you 75,000 bonus points - annually).

 

I have an issue with this as it is an annual bonus - what happens to your current customers? Why do they not deserve the same?  I understand trying to get new customers which is why there is normally a once off bonus, but to offer it annually is a slap in the face of loyal customers.

 

It is always better to try and retain customers:

 

The proof is in the numbers:
68% of customer defection takes place because customers feel badly treated by a company.
• An unhappy customer will tell up to 20 people about their poor experience, while a happy customer will only tell 5.
• It is 7 times more costly to acquire a new customer than to retain an existing one.
• Profits can be increased by up to 95% by simply increasing customer retention rates by 5%. And this can have a flow on effect.


(from Australian Women's network)
 
I know, I will now be looking elsewhere.
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Re: New deals for new customers - What happens to loyal customers?

Posted by LyndsC LyndsC
Message 2 of 3 360 Views

Hi @Fibi8, Thanks for your question.

Whilst the initial introductory offers (Eg: balance transfer offers) are aimed at new More Rewards customers, existing customers can certainly still transfer to this account from a current Bankwest Credit Card (including transferring from an existing More Rewards card) by giving us a call on 13 17 19. You will then be eligible to receive the annual bonus points, providing you meet the criteria for this. Please note though there may be change to your  current annual fee to reflect the new product. Thanks.

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Re: New deals for new customers - What happens to loyal customers?

Posted by Fibi8 Fibi8
Message 3 of 3 338 Views

Hi,

 

Thank you for your response. 

 

I had actually spoken (well, Live Chat) to BankWest before I raised this in the Forum.

 

They did not offer this as a solution.

 

Cheers,

 

Fiona

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