Thursday, July 29, 2010

Braggin' Branson's card trick - The Australian - 29th July 2010

Braggin' Branson's card trick

Budding cosmonaut and serial entrepreneur Richard Branson was in characteristically bullish mode yesterday on Channel 9's Today program.

The billionaire was spruiking his credit card venture with Citibank.

He explained away the demise of a previous card deal with Westpac, saying it turned out to be a runaway winner but gave the bank the heebie-jeebies. The Virgin credit card was "so successful", Sir Richard said, that Westpac "panicked . . . when our contract came up they decided to terminate . . . but we got 800,000 people signed up in three years".

One analyst yesterday laughed and said the last card had gone well, but mainly with "ute men over 30" who either kept a low balance or, in a small number of cases, failed to pay.

He also noted that the new card would charge 16.95 per cent -- more than the old one did. (Credit: The Australian - News Limited)

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