[arfrank]

All companies start somewhere, and when we look at the rewards games being played it becomes beyond a loss leader (been meaning to write up a blog post explaining issuer side economics on interchange). Deals like this: http://www.bloomberg.com/news/articles/2015-04-17/costco-see... (<0.40% interchange) make it overly painful to compete at top tier rewards today without having perverse consumer incentives, but we have ideas of where loyalty should go and are driving towards that.

As for customer service, we believe you can't tout that as differentiator, you just have to do a great job and your customers will speak for you. Amex did a great job over last 50 years, but is struggling to be relevant in this day and age (http://www.bloomberg.com/features/2015-how-amex-lost-costco/)