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Store Cards Rejected for Good Credit
July 2, 2010
FROM RETAILWIRE:
Gander Mountain claims an Ohio bank has threatened to stop issuing co-branded credit cards to its customers who have good credit. The reason: such transactions are not profitable enough for the bank. What do you make of World Financial's alleged threat to deny credit to Gander Mountain's most creditworthy customers?
[more...]
Why should this surprise anyone? Banks have totally lost sight of how to properly generate profits, build customer loyalty, and create long-term value. If they make mistakes, they have taxpayers who will bail them out. So hearing that banks are making absurd decisions based upon totally ridiculous analysis is no surprise.
It is an example of a bank showing the rest of the world how much they don't know about running a business.
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