Credit card mailers sent 5.4 billion offers by direct mail last year, 26% lower than they did in 2007 and the lowest number since 2000, according to a report from Mintel Comperemedia.
But this decline didn’t affect households with annual incomes of over $100,000. They received 1% fewer solicitations, while homes making $50,000 or less experienced a 42% decline.
“Credit card issuers shifted direct marketing strategy to focus on higher earning, lower risk consumers,” said Stephen Clifford, vice president of Financial Services at Mintel Comperemedia, in a statement.
He added: “2008 was an adjustment year for the credit card industry as issuers were confronted with economic conditions not seen in decades. In 2009, I expect less volatile fluctuations in mail volume as the industry positions itself to ride out the recession and recover.”
Credit card mail volume totaled 7.4 billion pieces in 2007, and 8.3 billion in 2006.
The number declined throughout 2008, with 3 33% drop in the fourth quarter, compared to the same period in 2007, according to Mintel Comperemedia.
"With reduced funds available for lending and increased loan losses, credit card issuers had no choice but to drastically cut direct marketing for new cards during 2008,” Clifford said.
