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EJ - Fined $75 mil...again

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Jul 21, 2007 8:17 pm

The Jones credit card has some sweet rewards.  I left Jones 2 months ago but will def keep the credit card for awhile. 

Jul 21, 2007 11:46 pm

[quote=farotech]

Is it just your name, or your raging case of AIDS?

[/quote]

I thinks it’s because of what my wife calls the “swinging pendulum of love”.  Suffice to say I’m very careful when I wear boxer with shorts, It’s quite the knee knocker, if you know what I mean.
Jul 24, 2007 6:01 pm

[quote=farotech]

Also, people that carry credit card debt making minimum payments could transfer balances and then keep making minimum payments...to Edward Jones!

The credit card industry is nothing but loan sharking and I'm ashamed to say that a company "doing what's right for the client" is engaged in this terrible scam.

If you recommend a credit card to somebody, you are encouraging them to A) Incur Debt or B) Reduce Interest Payments and profit from their stupidity. 

[/quote]

Oh, faro.  You poor, poor simpleton.  Someone needs to explain to you that when you have a credit card with say Home Depot or Disney or EDJ on it, that doesn't mean that those companies get the payments.  It's marketing.  Branding.  Top of mind awareness. 

See, when the clients flip the card over there's the name of a bank, not EDJ.  That bank is the one issuing the credit cards.  Jones just puts their name on it.  The clients don't write checks every month to EDJ.  They make them out to the bank. 

I don't disagree with you about minimum payments and credit cards in the hands of the undisciplined are dangerous.  However, Jones doesn't go out of its way to tell anyone to put a lot of unnecessary stuff on a credit card.  In fact the people who might do that probably won't qualify for the card. 

The card is a good one.  You can even take the points that build up and convert them into IRA or 529 plan deposits.  Why wouldn't you use the card for normal purchases, get the points, pay the card off every month, and make IRA contributions at the end of the year?  Like you, it's only a tool.  When used correctly they make a job easier.  Used incorrectly they can be dangerous and potentially deadly. 

Jul 25, 2007 1:09 am

So are you saying that EDJ benefits in no way from people using their credit card, except for brand awareness?

Jul 25, 2007 3:18 am

Let’s just pretend the good folks at the credit card company are not dumb. You are saying use my money for the free float, I will give you reward points, EDJ money and nothing left for the credit card company? Maybe one person has a balance? As the recent pop song goes “don’t give me those Sunday school answers!” EDJ will give you a catagory for a trip to Hawaii for puching the card. You are telling me they get nothing from it? At the next rally why don’t you ask the question? What is the average EDJ account balance? Better yet, send it in to the suggestion box.

Jul 25, 2007 10:39 am

Then get some vapid response like, "at Edward Jones, we pride ourselves on providing clients with individualized attention. In this increasingly competitive marketplace, we need to provide clients with solutions that not only assist in marketing our firm, but also give the clients the services they demand".

I think I should write Jim Weddle's corner. 

Jul 25, 2007 10:51 am

Jones suck but who cares about their credit card…it’s a non-issue.  Not even I can get fired up about that one.

Jul 25, 2007 3:53 pm

[quote=farotech]

So are you saying that EDJ benefits in no way from people using their credit card, except for brand awareness?

[/quote]



They get some “affinity marketing” kickback, the majority of the cash goes to the CC company.
Jul 25, 2007 6:57 pm

I didn't say Jones doesn't get anything from it.  I get a $50 gross pop when someone opens a card.  I get P&L credits when they carry a balance.  If I open 18 of them in contest period it fills a category.  None of that is exciting enough to me to push a credit card. 

The part that made you a simpleton is when you implied that Jones is incurring people to create debt.  And then you cemented it with the payments going to Jones comment. 

I get the feeling that if Jones started selling gold bars at a deep discount you guys would find a way to complain about that too.

Jul 25, 2007 7:33 pm

I’d complain, because, being an ex-employee, they probably wouldn’t sell me any and I’m sure the GPs would keep most of the profits.

Jul 25, 2007 10:39 pm

I didn't realize you could "incur" people to do things.

That's a good point about the gold bars. How can we complain about something as good as a credit card? Why, I'd say that's just like complaining about free gold bars!

Jul 26, 2007 12:52 pm

Yes, as a matter of fact my favorite EDJ credit card practice… while the new client is signing paperwork w-9, beni’s, your account comes with a free credit card as well. please sign here. The application would print with all new account documents. Don’t look up from the paperwork just continue with the flow and they will sign it.

Jul 26, 2007 2:02 pm

We all need to make some more phone calls to prospects, cause when the conversation has turned to whether Jones markets a branded credit card or not, we all have WAY to much free time.

Jul 26, 2007 2:42 pm

My biggest problem with the Jones Credit Card is that Jones would hand over a list of my clients to the credit card company so that they could send out mass mailers.  The credit card GP lady at Jones actually called me because I made such a stink. She would not let me take my clients out of the mailing. She told me that I could remove maybe two or three clients who I knew did not want a credit card, but that I could not pull my list of clients. Yet another time I realized that the clients were NOT my clients .

I used to tell my clients that Jones NEVER sold their name to other parties. I was wrong, in the fine print of the new account agreement, Jones can "share" information with their "partners."  "Share" is another name for pimping out the client list to make a buck.