This article in Forbes reinforced many of our BC stereotypes, but also left me scratching my head. Long story short: BC has a fraction of the fanbase of other schools when it comes to affinity credit cards, yet outspends every other group by an absurd amount. First the numbers that stood out:
-- BC only has 597 people enrolled on a BC card. Forget bandwagon fans, we don't even have a fraction of what another private, catholic, non-football school like Villanova has (5,538).
-- Those 597 people generated $1.1 million in revenue for BC. That revenue is based on BC's share of the fees. As another point of reference, Stanford has 16,079 enrollees and only generated a $1 million.
Assuming that Mastercard generates 2% in fees and splits it with BC, that means that the average BC cardholder puts $187,000 in charges on his/her card every year. That's the average! In a down economy. Maybe our marketing is all wrong. Instead of trying to sell 45,000 tickets, maybe we should just sell whole sections to a few fans. We can fan them during the game, while they are fed grapes.
Once I got over the average, then the whole redemption thing left me scratching my head. I put everything I can on my credit cards and happily redeem the rewards. Travel, electronics, and even cash back all have their merits. So what can these BC big spenders buy with their 200k annual points? A pair of basketball tickets or some BC t-shirts. Maybe you want to tour the Yawkey Center. That will only cost you 5,000 points, meaning the average BC card holder can take the tour 40 times!
But if you are already spending $200K on your BC credit card, aren't you already buying all the BC tickets and t-shirts you want?
Now I really don't like to tell people how to spend their money, but if any of you big spenders have considered an investment in a media company, I know a great blog you can buy.