LONDON—The latest data on card marketing trends points to some significant shifts in the consumer finance space, including a 21% decline in card applications.
The Mintel report, based on input from 3,000 consumers, confirms that direct-mail response rates to credit card offers have been declining, noted The Financial Brand in its analysis.
“One-fifth of all credit card applications originate from a direct mail offer, even if a growing number are completed digitally so direct mail can't be ignored by financial marketers,” The Financial Brand explained.
And they haven't. Mailed offers were up an estimated 32% from June through November, according to Mintel.
“The percentage of consumers receiving a credit card offer rose from 54% to 67% over nine months last year, suggesting that card marketers are making efforts to either reach new demographics or under-served segments. Some of this outreach could be targeting the subprime category,” The Financial Brand said.