Have you noticed that you aren’t getting as many credit card offers in the mail?
You probably aren’t complaining about the empty mailbox but do you know
What is going on?
Credit card companies and financial service companies have drastically reduced the amount of direct credit card offers they send out. It used to be that these companies send out credit card offers, balance transfer offers and credit card checks by the truckloads. This isn’t the case anymore.
Min-tel Compere media recently conducted a study to track the number of direct mailings. In the first quarter, the number of direct mail offers decreased by 10 percent. Chris Magnitogorsk, one of Mantel’s senior analyst reported, “Banks, card issuers and lenders have to look at today’s consumers in a new light and find innovative ways to secure and maintain their business.”
Min-tel reported several statistics. Min-tel found that the direct mail sent out by major financial service companies decreased by 13 percent. These companies cut back their direct mail offers from 4.8 billion to 4.2 billion. The same holds true for credit card offers. Credit card companies cut their direct mail offers 14 percent. They used to send out over 3.0 billion offers and are now sending out only 2.6 billion.
What is to blame?
Why are credit card companies not advertising as much? The answer is simple…the failing economy. Millions of people around the country have their credit lines completely maxed out. People aren’t spending or savings as much as they used to. Because of this, credit card companies have had to revamp their marketing strategies.
For the most part, consumers haven’t noticed a dramatic decrease in the amount of credit card offers they get in the mail. For those consumers that have noticed a difference, most of them certainly aren’t complaining about the decreased amount of “junk” mail.
Instead, more and more people are taking advantage of credit card offers on the Internet. Internet credit card offers provide consumers with better deals and more competitive rates. If you are looking to switch credit cards, don’t wait for the mail to come. Go online to find a great credit card offer.