CHICAGO — Credit unions might find their card marketing a littleeasier because the number of credit card offers from rival issuingbanks continued to drop, according to a market research firm.
|The firm Mintel Comperemedia estimated, based on its research,that credit card offers dropped 8% from the first to second quarterof this year (from 1.67 billion card offers to 1.54 cardoffers).
|“Undoubtedly, this is a symptom of the global credit crunch,”comments Lisa Hronek, senior analyst at Mintel. “Record losses fromthe subprime fallout and rising delinquencies have squeezedissuers' credit so tight, they're tapping out. Add that to the factthat consumers' credit is already stretched and you're left with atough market for credit card issuers.”
|Hronek points out the need for new marketing strategies, whichshe's seen from leading companies. “Cutbacks in direct marketingare part of financials institutions' plan to ride this through. Wesee notably less credit card and mortgage offers as companiesfigure out key messaging, services and products for today'sanxious, weary consumer.”
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