A significant majority of consumers still use direct mail as their primary way of finding out about new credit card programs, according to a survey from integrated marketing services provider Vertis.
Almost half of the consumers who responded to the survey said they learned about the last credit card they applied for via direct mail.
Seven percent heard about the card from a friend or relative, 7% found out about it at their bank, 4% at a special event or in-person promotion, 3% online and 3% from telemarketing.
Age plays a factor in mail responsiveness, according to the survey.
Forty-two percent of the Generation Y respondents said they read financial and credit card direct mail, compared with only 21% of seniors.
The success of pitches also depends on understanding the target’s financial goals. A considerable number of Generation X and young baby boomers (61% and 56%, respectively) indicated financing their children’s education was a concern, while Generation Y adults were much more likely to plan a vehicle or boat purchase.
When choosing a credit card, 22% were attracted to money-back incentives, while 19% liked to earn points for merchandise, airline tickets and hotel stays. Other incentives, such as a sign-up bonus or higher membership level, appealed to less than 10% of those surveyed.
Although many Americans hold multiple credit cards, 36% said they didn’t even have one card. Of those with cards, 51% pay off their balance in full each month, while 35% make partial payments.
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