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11/09/2009 -
Although it may seem as if banks would want to reduce their credit card offerings during the recession out of concerns about the health of consumers' finances, recent research shows that banks have actually increased their premium credit card offers.Direct marketing intelligence firm Mintel Comperemedia found that in the second quarter of 2009, credit card issuers sent 28 percent more offers for premium credit cards than they did in the previous quarter.
In fact, the company reported that the number of premium card offers has been steadily increasing since 2008 - premium card offers accounted for 19 percent of all card offerings in 2009, compared to 9 percent in 2008.
"Credit card companies are competing to attract people with high credit scores and big spending habits," said Andrew Davidson, senior vice president of Mintel Comperemedia. "Because premium credit cards often have high associated fees and low risk, issuers see them as an excellent way to restore profitability in today's economy."
As the number of consumers accepting these credit card offers increases, the demand for credit card processing will continue to rise higher than ever. Therefore, businesses are encouraged to make sure their payment processing systems are safe and up-to-date.
