Consumer Payment Card News

Card Offers

Credit card solicitations fell nearly 8% from the first quarter to the second quarter of this year. The mail volume for the second quarter is about 17% off the third quarter of 2007 high of more than two billion pieces. According to Chicago-based Mintel Comperemedia, the second quarter card mail volume dipped to 1.54 billion from 1.67 billion in the prior quarter. Discover and Citibank both cut credit card mail by 18% and 31%, respectively. Bank of America held steady on credit card mailings and boosted its mortgage and loan promotions by 26%. However, Capital One and Chase maintained credit card mail volume, but each cut lending offers (by 26% and 33%, respectively) while increasing banking direct mail (by 80% and 60%). HSBC reduced credit card, banking and loan mail volume across the board, sending 52% less offers overall. Mintel says record losses from the sub-prime fallout and rising delinquencies have squeezed issuers credit so tight, theyre tapping out.

Leave A Reply