NEW YORK—Get ready for a flood of credit card direct mail again.
According to a new report, the major card issues are bringing back their offers to entice consumers to open a new card or transfer balances.
As CUToday.info has reported, the big banks cut back on their credit card marketing when the pandemic arrived in the U.S. to protect against defaults.
Now, big U.S. banks are prepared for credit card balances to start ticking up again this year as pandemic restrictions ease and stimulus checks stop arriving, setting up the industry for a bump in one of its most profitable businesses, Reuters said.
“Lenders, including Capital One, Citigroup and JPMorgan have been sending out more promotions to enroll new customers and encourage borrowers to spend. Some 260 million offers were sent in March. Banks have increased digital marketing, too, on Facebook, Instagram, video sites and podcasts,” Reuters said.
As CUToday.info also reported here, more consumers have been paying their credit card bills on time.