Credit is used to make purchases today far more than it ever has been before in human history. The convenience of having to only carry a single card as opposed to a bundle of cash is convincing enough to many people that they have abandoned cash altogether. One of the ways that credit card companies lure customers away from the competition is by offering perks such as points that can be redeemed for airline miles and prizes or a simple cash back percentage that can be credited towards the next months bill thus saving the customer money over time. The credit card companies are facing a growing challenge however that they will need to make a decision about sooner rather than later. Should their perks be more tailored to the much larger customer base that are millennials or should they tailor perks to their highest spending clients that stand to make the company a great deal of money? It is a question of whether to go after a few big fish or many smaller fish. This is exactly the issue facing current American Express executives. Recently, one of their highest spenders and also one of the wealthiest men in the world, Chris Burch, has switched from his American Express Card to the J.P. Morgan Chase and Companies Sapphire Reserve credit card. What is attractive to millennials and what is attractive to one of the wealthiest men on the planet in a credit card are two very different things. It is unclear which direction these popular credit company CEO’s are leaning but it can be certain that some of the wealthiest people on the face of the planet such as Chris Burch will certainly play a part in their decision about how to move forward. Chris Burch has been an entrepreneur for the majority of his life. Browse on burchcreativecapital.com for a proof of his impressive entrepreneurial skills. His business expertise range from technology to real estate and even the glamorous world of fashion. To know his latest innovative product offering to the market, click on inc.com.
According to bjtonline.com, while still an undergrad, Burch began an eye wear company which he would later sell for over $165 million. It is with these funds that he has branched out into so many different business ventures. It is easy to see why credit card companies would want to have someone like Chris Burch as a client because he is constantly expanding his business empire and with this comes the need for a rather lofty line of credit. Chris Burch received his Bachelor of Arts from Ithaca College in 1976. Read the views of an expert entrepreneur on business related matters, hit entrepreneur.com.
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