That re-positioning to serve less affluent customers, I would note, began far before TDCT took over. Bank of America Corp. did this under their ownership such that MBNA/CUETS really became a direct-to-consumer, virtual credit card operation targeting all client segments. BofA and TDCT tightened credit adjudication criteria, eliminated secured/guaranteed credit cards, added and increased fees substantially, and then added World, Infinite, World Infinite Elite Privilege versions of their cards -- all of which target a more affluent market. So I wouldn't say TDCT targets the "less wealthy" customers. Arguably, they are more of an "every man's bank" than some others (i.e., HSBC).Poutinesauce wrote: ↑ I think Doug is way exaggerating. MBNA serves a segment that TD doesn't, that is, less wealthy customers who need balance transfers and the like. It represents millions of cardholders.
What they stopped caring about is all the people who were looking to use them for rewards and advantages, as in the RFD crowd, hence why they downgraded all their best cards.
It's the exact same thing with Capital One, they worsened all their cards and kept a few because only less wealthy customers who run up interest are profitable.