On-Site Coverage: Even in Downturn, Card Opportunities Persist Visa Chief Economist Says
FORT LAUDERDALE, Fla. - Wayne Best, chief economist for Visa USA, maintains that opportunities continue to market cards even in the economic downturn.
Speaking to credit union card executives attending the Card Services for Credit Unions 20th anniversary annual conference, Best encouraged them to get to know their cardholders and to realize that not all consumers have been hit by the economic downturn equally.
"The easy, stereotypical thing to say is that all nest eggs have been broken," Best said, "but the data doesn't really show that. Renters, for example, are usually younger and usually have more money to spend and will actually need to spend in the coming years and will need your cards and help," he said.