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People understand they have a choice in who they do use for personal finance. Playing out the advantages of perhaps using one credit card service over another requires not only selling the benefits but working to keep that customer happy.
A successful credit card solicitation may garner a 2% response rate. It relies on selling the advantage of using the card, giving the consumer a clear understanding of the interest rate, and balancing that with the fees.
Most customers have more than one card and getting them to use it may require incentives such as a cashback bonus or a lower interest rate for a limited time. Discover was first developed as an alternative to using VISA or Mastercard when shopping at Sears. Sears spun off the financial service firm as other companies were adopting their own store brand cards.
Since that time, the has also bounced around a few Chicago agencies for promotions and new member solicitations. I have worked on the Discover account many times at various agencies such as Target Com, Blau, New Control Agencies. Discover made the call to T-Go when they needed help in-house — thus I beamed up to the mothership.
They were expanding into online banking and were gearing up to attract current cardmembers into the new evolving virtual banking center. This would involve many web email testing campaigns to see what would attract its consumer to cross over into virtual banking.
The artwork went out without a hitch and they were attracting interest. Not a problem. OK, perhaps one. Credit cards are not banks. Virtually banking involves a different level of regulation this is more stringent than credit cards. Discover didn't quite understand that fact until bank regulators stepped in. Their online banking plans were pushed back a bit.
