Flybe has pulled its credit card from the market for new applicants.
Has the curse of Head for Points struck again?! At a credit card conference in February I explained why – from the point of view of the issuer – the Hilton Honors Visa card had the worst balance between sign-up bonus and long-term rewards of any card on the market. Within a week, Hilton had pulled it.
This Tuesday, I gave over a full article to the Flybe credit card and why I didn’t find it very exciting. You agreed in your comments. Yesterday Flybe pulled the card from the market. The marketing page is still on the website but at the bottom it says “We are no longer accepting new applicants.”
I am assuming it was nothing to do with me! This is actually good news if it means a more rewarding, possibly Avios-driven, Flybe-branded credit card will appear in the future.
And should we buy the airline?!
Following another dismal trading statement last week, the market capitalisation of Flybe had dropped to just £24m yesterday morning. There is, of course, a lot of debt in there as well which explains the low figure.
However, £24m is worrying low. It is a strange state of affairs that, if we had a whip around amongst Head for Points readers, we could buy the airline. We have enough London-based investment bankers, entrepreneurs and hedgies amongst the readership to get the money together!
I should probably clarify for the purposes of Stock Exchange rules, since I spent 16 years in my previous life putting together deals like this, that I have no intention of doing so 🙂 but it simply goes to show what a parlous state the airline is in.
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