Coign (pronounced Coin) is a no annual fee ‘conservative credit card‘ issued as a Visa. It’s for customers who don’t want their money going to ‘woke’ banks. The card launched a couple of years ago and there are over 20,000 cardmembers today. Now they’re accepting investment from the public.
The company is promoting to investors that their customer acquisition costs are low. And they are! They don’t even give cardmembers an initial bonus (which is expensive).
What’s more their rewards costs are low! They only give cardmembers 1% cash back.
But maybe it’s a mistake to offer such low rewards, and to spend so little acquiring customers? They’re apparently generating just $15 million a month in total charge volume. The Delta Amex has charge volume of around $20 billion per month.
This suggests to me that the market of people who think that the American Express Platinum’s 5x on airfare is just too generous and it would be better to leave that money on the table for grifters instead is pretty limited? This product isn’t even the most rewarding when buying a MyPillow.
It’s just as rewarding, by the way, as the old Chase-issued Trump Rewards Visa.
While a percentage of swipe fee profits go to conservative causes (they’ve just donated to Trump’s hurricane GoFundMe), consumers would be better off with a no annual fee 2% cash rebate card and donating to the causes they care about directly – and pocketing the tax deduction if the cause is a non-profit public charity and if they itemize.
A ‘best in class rewards card’ whose profits support causes you believe in is one thing. Asking consumers to sacrifice their rewards in the name of their beliefs, while making money on the difference, is something else.
Now they aren’t just asking consumers to generate revenue for them through this credit card, they want the general public to just straight up give them money as an ‘investment’. And they say you don’t even have to be an accredited investor.
They say they’re a $105 million company, while Citi is $108 billion and Amex $175 billion, so profit! In the future, they say, they want to add airline and hotel partnerships too as well as a second premium credit card and a small business card aimed at gun manufacturers.
Who is dumber? The grifter or griftee? How many members are they going to lose in Florida because these nimrods will be washed out to sea. At least that’s fewer voters for Trump.
I love the perspective: $20B/ month is the Greek federal expenditure. You could run the Greek government on a Delta Amex and only double their numbers. Further, I’m very much a “give me the money, I’ll donate it where I want” guy.
I hate big businesses that use their power to support left wing causes. Therefore, I should be in this credit card’s prime target demo.
The fact that I have never heard of this product until now speaks volumes about its marketing efforts. 🙂
A party lead by the biggest con man of our generation would be the obvious target for this scam. Why the surprise. He hawks bibles, $100k watches, crypto, and on and on.
Politics aside, along with the lack of bonus and attractive rebate on spend, I don’t understand why you refer to them as a grifter. Where’s the swindle?
Because of course they are. It’s just how it is now.
Search: Bulwark “Republicans’ Closing Message: We Lie to You”
And if any of it surprises you, you aren’t paying attention.
Will this card have bonus rewards once the MCC for guns stores is established?
Wonder where Trumps “ Hurricane go fundme” funds are going …..how sad that will likely direct funds away from helping people and instead end up helping Trump….lets hope at least some of those funds will do some good.
A fool and his money are soon parted…