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21/09/2011 -
Citigroup, the third largest bank in the country, really wants everyone to have a credit card. And by everyone, they mean everyone. According to The Wall Street Journal, the bank mailed some 346 million credit card offers to North American consumers in the third quarter. That's well over the estimated 308 million who live in the U.S. alone.Citi, one of the banks hardest hit by the 2008 financial collapse, may be starting to reassert itself as a major player in the banking sector, as these figures are expected to make the bank the largest mailer of credit card offers.
The uptick in credit card offers - not merely at Citi, but industry-wide - may reflect the diminishing appeal of debit cards, as many issuers have begun levying new charges on these items to compensate for revenues lost from a new cap on interchange fees.
"Some new customers are being wooed with cards that aim to simplify the byzantine fee structure that card companies have adopted," reports Suzanne Kapner for the Journal. "Simplicity, which Citi rolled out this summer, offers no annual fee, no late charges and no penalty rates."
