Credit card issuers are advertising more premium credit cards in an effort to attract the best customers, according to the Chicago-based company. In the second quarter, credit card issuers sent 28% more marketing direct mail offers for premium cards than they did the quarter before. This occurred while issuers reduced credit card offers as a whole by 8%.
Companies sent a steady number of premium card offers since early 2008 while slashing direct mail for general cards. In the first half of 2009, premium cards accounted for one in five (19%) mail campaigns tracked by Mintel, an increase from just one in 10 (9%) in the first half of 2008. Credit card issuers are also competing by introducing new premium cards.
High-profile cards launched since beginning of the downturn include Chase Sapphire, the Visa Black Card and the
American Express Hilton Honors Surpass Card.--Tanya Irwin