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Time to go, I guess

Muse #229 - the end was so obvious

Srikanth Ramanujam
Sep 8, 2021
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Time to go, I guess

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Credit: https://unsplash.com/photos/MkGFWv44Ops

In February I talked about my poor and degradation of product experiences with Capital One Canada and perhaps that their exit in Canada was coming soon. And they certainly made some good progress towards that exit.

A few days ago, Costco announced that their credit card portfolio would be taken over by CIBC one of the Big 6 Canadian banks. And without the $3 billion a year Costco portfolio, Capital One has no significant card business here I Canada. And my guess is that they will be out of this market sometime in 2022 or 2023. I am further guessing that they will close the rest down rather than selling it (something that Chase did when they exited the market in Canada).

One can sense these patterns from the experience that one has with an organization. Apathy, dead-end customer service, feature reductions, price increases, action not in line with market trends - all these are indicators and signs of bad things to come. Positive and negative experiences indicate the direction in which an organization goes, including its impending death, is predictable. I shall provide an update someday when that end actually happens.

Source:

CIBC to acquire Canadian Costco credit card portfolio - https://www.nasdaq.com/articles/cibc-to-acquire-canadian-costco-credit-card-portfolio-2021-09-02

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