Do Credit Card Issuers Care About Customer Loyalty?

When was the last time that you told someone about an experience whether good or bad that you had with a company? For many it was probably not too long ago and it helped form some sort of opinion for someone else one way or the other. In the business world, while good experiences generally help build a business, bad experiences can help close one, but does this also pertain to credit card issuers. More importantly do issuers even care about customer loyalty at the moment?

In many instances where customer loyalty has swayed, several people can tell you that multiple chances were given to the company for them to keep the consumer’s business. For credit card issuers this has held true, as many consumers have tried multiple times to get changes made to their account unsuccessfully. The only option left was to cancel their account in hopes of finding an issuer that will treat them more fairly. On almost all occasions, their treatment has been made public by word of mouth or the internet.

As customer loyalty has seemed to have been lost because of the issuer’s actions, some cardholders have just simply moved to other issuers. Many others have decided to never use credit cards again and focus more on becoming debt free. While at the moment this may not seem that big of deal to some financial institutions, if consumers do in fact keep their word of not using credit cards ever again it could be a huge loss when considering future revenue (due to the sheer amount of people who could opt to go this route).