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

Posted by Fibi8 Fibi8
Message 1 of 5 871 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 5 869 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 5 847 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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Re: New deals for new customers - What happens to loyal customers?

Posted by Greeny123 Greeny123
Message 4 of 5 388 Views

This answer is a complete load of bu*^#!+t. I have asked about transferring to balance transfer 0% interest cards before and the bloke on the other end of the phone said that I can’t because I’m an existing customer that is only for new customers they would rather you transfer your balance in the hope you still keep your card and use it while trying to pay the other off. In term racking up more debt and more interest for them to line the CEOs pockets. Take it from someone in a lot of debt. Steer clear of credit cards from the word go. If you can pay it off you can save it up, yes you wount get what you want today but at least you will not be forking over hundreds of dollars every month in fees before you even start chipping away at your debt. You’ll definitely find you’ll save it faster then paying it off. TRUST ME

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

Posted by DanaeC DanaeC
Message 5 of 5 383 Views

Hi @Greeny123, if you could please pop through your best contact number to Forum@Bankwest.com.au we'll get in touch to discuss your concerns and what options may be available to you. Thank you.

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