Getting people to initially sign up through bonuses causes a lot of money to be shed, and are thus not profitable until people renew (without the bonus) the sec

Getting people to initially sign up through bonuses causes a lot of money to be shed, and are thus not profitable until people renew (without the bonus) the second year. I remember seeing the CEO of Chase saying he was excited that they lost billions in the new sapphire card because it meant they had so many members