Major credit card issuers are offering extra reward points, promotional websites and online comparison shopping tools in an all-out blitz to grab the biggest share of Cyber Monday sales and beyond.
Holiday shoppers this season are projected to use their credit cards much less than last year, but an undeterred American Express is serving up some big rewards for some of its card members starting on Black Friday.
With Chase and American Express leading the pack, credit card issuers sent out 180 million direct mail offers to U.S. consumers in October, a 34 percent jump over September’s batch of mailings.
The bleak picture among major credit card issuers persisted again in October, with charge-offs – loans considered uncollectible – remaining high, and late payments of 30-plus days continuing to edge higher.
American Express, the largest U.S. credit card company, today announced that credit card spending increased in October, compared to September – a sign that the worst is over in the long-running financial crisis.
In a move that will force the hand of its competitors this holiday season and beyond, American Express has elmininated montly fees on its gift cards, permanently. It is the first gift card issuer to wipe out all fees after purchase
Amercan Express and Discover Card take top spots in a J.D. Powers Survey that shows the growing popularity of reward programs. The study measured customer satisfaction with credit cards in five key areas: interaction; billing and payment process; fees and rates; reward programs; and benefits and services.