This entire thing reminds me of this: https://blog.imaginecurve.com/introduction-of-new-technology-for-transaction-processing/
when Curve changed from same MCC for all transactions to dynamic MCC, everyone was going nuts and Curve said they learnt a lesson about including users more and that they received a big ****storm.
I think Curve has gone the wrong path with a subscription model.
First it was introduced on Thursday/Friday??, so most employees were on weekend leave while users were going nuts in the forum over the weekend.
Never announce such a big change at the end of the weekend, no matter if its in a closed beta group (there are always leaks) or by putting it on your website for everyone to see: https://www.curve.app/terms-compare
Instead of asking to charge for a few GBP and get users furious, Curve should chose a different path:
Allow current users to stay on the same pricing model or offer something that actually everyone can benefit, and not an insurance that most people already have for a cheaper price / a different card / or an insurance that actually covers all countries of residence and no deductible (again, here in Germany you get 1 for 7.40€ a year with 0€ deductible, so no reason to get any worse insurance for a higher cost,…)
offer high spending customers a free premium card
MANY banks do that, even AmEx Gold waives the annual fee when you spend more than 10k€ /year
Number 1 income for credit card issuers are transactions, the more there are and the higher the transaction, the more money Curve (or any bank) makes with a customer
So it wouldn’t make sense to ask someone who puts 100k€ on his card / year to pay a 120GBP fee, you need to value your very good customers where you get the most money from
offer premium cards for commercial users
With commercial cards the interbank fee limit does not apply (or its much higher) (in contrast to private cards) so Curve makes much more money with users having Commercial cards
Therefore, Curve should give out more benefits to commercial users than private ones.
All in all, asking for a few GBP gets everyone very angry as you can see with that many replies in this topic. Instead Curve should explore more ways like I mentioned above to generate more money for high spenders and commercial users.
You need to value your best customers with free upgrades etc. instead of making them pay the same as everyone
So what does Curve get out of this in the end? So many users will change after free 6month period to blue, Curve will make 0GBP money with them for subscription fees, and even less money on transactions cause people will use again more their underlying cards.
Same with me, I have a 0% fx fee card that is fully for free, why should I not use that card then for all international transaction? If I spend more than 500GBP with Curve blue, I’d have to pay 2%.
With the free card I don’t get any miles, but paying 2% with Curve Blue, which equals to 2CPM (cents per mile) for each 1 earningmile is way too high.
I value miles at 1CPM, so anything that costs more than a 1% fee wouldnt make no sense to use Curve blue for international transactions.
What does that mean for Curve? Majority will move to free Blue, again no monthly fee income for Curve and WAY less transactions, so Curve will actually lose more money and many users.