The competition between the leading credit card lenders in the market today hardly seems to cease anytime soon. If anything, the revival of the economy today has just fueled this competition further with each lender willing to bend over backwards to ensure they have a large market share of low-risk customers on their database. Banks are aggressively marketing their offerings by flooding the mailboxes with flyers and emails each passing day.
The CEO of one of the leading credit card comparison websites mentioned that the number of emails reaching the inboxes is proof that the competitions has heated up in recent times. Innumerable solicitations are emailed to consumers, especially to the ones who have excellent to good credit scores backing them.
In the month of May this year, over 484 million solicitations were sent out to consumers. This figure is 9% higher as compared to the total solicitation emails that were sent out in the month of April and 41% higher than the number of solicitations that were sent out same time last year. Though almost all the banks and financial lenders send out solicitation emails, the ones that topped the list were Chase, Bank of America, CitiGroup Inc, Capital One, US Bancorp, Discover Financial Services and HSBC Holdings. Bank of America, Discover and Citibank offered the best deals for balance transfers with most of their deals offering an interest free period even for purchases made using the card.
A recent study conducted by Equifax reveals that this aggressive marketing is indeed showing results because there was an overall increase of 35% in the number of credit card accounts that were opened in the last one year.
