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23/11/2009 -
In a trend that is likely being seen across the border, credit card processing activity may soon see a surge as credit card offers to U.S. consumers spiked in October, largely in response to economic improvements and a more confident consumer.Mintel Comperemedia recently reported that credit card companies sent 180 million credit card offers to U.S. consumers in October, which represents the highest monthly total since December 2008 and the "first significant rise in mail volume all year."
October's direct mail volume was found to be 34 percent higher than September's, marking the highest month-to-month increase in credit card direct mail since February 2004.
Chase and American Express led the pack in credit card offers, with Chase more than doubling their volume and American Express increasing theirs by 40 percent.
"Credit card mail volume is still down significantly from a year ago, but October's sharp increase is an excellent sign for the industry," said Andrew Davidson, senior vice president of Mintel Comperemedia. "With recent green shoots of economic recovery, card issuers feel more confident about the future."
As Canadian consumers have been found to be even more confident and financially stable than their U.S. counterparts, according to a recent Nielsen report, the survey results indicate that now is an important time for merchants to implement credit card processing if they haven't done so already.
