Mail Monitor® reports record six billion credit card offers mailed in U.S. during 2005
27 April 2006
Over six billion credit card offers were mailed to U.S. consumers in 2005, according to Mail Monitor®, the direct mail offer tracking service from global market research firm Synovate.
"Over the past few years we keep saying 'this is record mail volume' but it continues to grow at a high rate," said Brent Stratford, Vice President of Competitive Tracking Services in the Financial Services Practice at Synovate.
According to Mail Monitor®, the volume of credit card solicitations mailed was 16% higher in 2005 than 2004. American Express was the primary factor in this increase. In 2005, the company increased its direct mail credit card solicitation volume by 56% over 2004. This was more than two times the increase of any of the other top five credit card mailers. This is significant because American Express consistently has the lowest response rate of any major mailer, and had a substantially lower response rate than the 0.3% the industry average in 2005.
Many other card issuers also significantly increased their mailings. For example, regional issuer Columbus Bank and Trust showed a 205% increase in mail volume from 2004 to 2005.
"With almost two thirds of credit card applications being mailed, the mailbox has become the credit card shopping center for most American consumers" said Stratford. "Smaller card issuers like Columbus Bank and Trust may be looking for the equivalent of more shelf space in the shopping center", he added.
Mail Monitor® reports that 58% of credit card offers in 2005 included some type of rebate or rewards program. With large companies like American Express offering many different products, and regional banks like Columbus Bank and Trust extending more offers, consumers have greater selection and can choose the product that best suits them.
Contact(s) for this press release
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Jennifer Chhatlani
Vice President, Marketing & Communications |
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222 South Riverside Plaza |
Tel: +1 312 526 4359 |
About Mail Monitor®
Mail Monitor® is a service of Synovate's Financial Services Practice, which generates consumer insights that drive competitive marketing solutions in the banking, investments, insurance and payments industries.
For more information about Mail Monitor® visit
core.synovate.com.
About Synovate
Synovate, the market research arm of Aegis Group plc, generates consumer insights that drive competitive marketing solutions. The network provides clients with cohesive global support and a comprehensive suite of research solutions. Synovate employs over 6,000 staff across 62 countries.
For more information on Synovate visit www.synovate.com.