CHICAGO – Banks sent a record number of credit card solicitations last year even as the percentage of recipients who responded to those offers dropped to a new low, according to Synovate Research, a market research firm whose Mail Monitor program tracks the industry.
In 2005, the firm says over six billion card offers were sent to U.S. consumers, but only 0.3% of these offers drew any responses.
"Over the past few years we keep saying `this is record mail volume' but it continues to grow at a high rate," said Brent Stratford, Vice President at Synovate.
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The firm reported that the bulk of the 16% increase went to American Express, a firm which has a notoriously low response rate to direct mail contacts. However, many other card issuers also significantly increased their mailings. For example, regional issuer Columbus Bank and Trust showed a 205% increase in mail volume from 2004 to 2005, the firm reported.
"With almost two-thirds of credit card applications being mailed, the mailbox has become the credit card shopping center for most American consumers," said Stratford. "Smaller card issuers like Columbus Bank and Trust may be looking for the equivalent of more shelf space in the shopping center," he added.
The firm found that 58% of credit card offers in 2005, included some type of rebate or rewards program.
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