While most Americans may not realize it, the United States is one of the world's largest Hispanic countries. According to estimates from the U.S. Census Bureau, there are approximately 32.4 million Americans of Hispanic descent, and the group accounts for 11.8% of the nation's total population. That makes the U.S. Hispanic population the fifth largest in the world, behind only Mexico, Spain, Colombia and Argentina. By 2055, the Census Bureau projects, Hispanics will comprise over 25% of the nation's people.
The presence of such a large, identifiable subgroup and its continued replenishment with new immigration presents the card industry with a natural affinity group to target. As a result, many issuers are jumping on the Hispanic bandwagon with product offerings and marketing tailored specifically to this ethnic group. At the same time, those banks are learning that selling credit to Hispanics requires more effort than simply translating advertisements and solicitations into Spanish.