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Credit cardholders still are holding on to the idea of receiving paper statements, giving issuers the opportunity to charge them if they do not convert to electronic statements, suggest data from a recent Auriemma Consulting Group study. Of 504 consumers Auriemma surveyed, 23% said they would rather pay a $5 fee than switch from paper to electronic statements. "We think there is an opportunity to charge for paper statements," says Megan Bramlette, Auriemma managing director. One-third of the respondents said they relied on paper statements as a reminder to pay their bill. Bramlette suggests issuers may find some middle ground by offering alternatives to full paper bills, such as a postcard reminder, an automated monthly phone message or an e-mail message if the issuer has such information. But she cautions that issuers should ease into the fee structure. "No one wants to be like Chase, who charged dormant accountholders $10 per month [and faced backlash from consumers,]" she says. "I don't think anyone is going to come out and charge $5 just because the data says it's possible." It may be better to "tip toe" into it by charging a $1 fee and positioning the move to electronic statements as eco-friendly or to save money on paper during these tough times, Bramlette notes.
