CHICAGO — The number of credit card offers banks send to consumers in direct mail have continued to fall, according to a research firm which tracks card offering data.

The Chicago based Mintel International reported that major card issuing banks sent only 1.34 billion credit card offers to U.S. consumers in the third quarter of this year. This is 13% below the quarter before and a full 28% below the third quarter of last year, the firm reported.

“Credit card companies have been cutting back direct mail dollars for years, as they realize that blanketing Americans with credit card offers doesn't translate to increased sign up or card usage,” explained Lisa Hronek, senior credit card analyst at Mintel. “But now, they're facing a two-fold problem that is much worse. Not only are consumers tapped out financially, but issuers are also facing record losses. They're scaling back direct mail to cope with unprecedented financial problems.”

Hronek expects credit card companies to continue reducing acquisition direct mail throughout the holiday season and into 2009. “Card issuers will focus on a narrower target audience, using refined marketing and more precise mailings to tap into people's true needs and desires.”