New cards: Cash-back, Affluent Targets
Published September 5, 2011 11:00 PM
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Updated October 20, 2016 11:05 AM
1 Min Read
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Luring Cardholders
The latest credit cards to hit the market are aiming for consumers who will generate spend to get cash-back rewards and who also are in the affluent segment who like to dine and travel.
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Market Heats Up
Analysts say card issuers this summer are turning up the heat on card-rewards offers to compete in what has become an aggressive race to lure customers and possibly woo them away from using increasingly less-lucrative signature-debit cards.
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Sweet Deal
As part of a slew of new credit card rewards deals targeting affluent consumers, Capital One Financial Corp. on Aug. 23 rolled out what one analyst calls a “very rich” offer with a couple of interesting new twists. The Capital One Cash card enables cardholders to earn a total of 1.5% cash back on purchases in any category, with no annual fee and no maximum limit on rewards.
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Cash-Back Offers
Not to be outdone by rivals in a month that has seen what may be a record number of new and retooled credit card rewards program announcements, Bank of America Corp. on Aug. 31 rolled out noteworthy upgrades to a couple of its core cash-rewards cards.
Travel Draw
Card issuers are clamoring for stable credit card customers who are a good credit risk and also spend money on and redeem rewards for such segments as airline tickets and travel, Megan Bramlette, director at Auriemma Consulting Group, tells PaymentsSource.
Luxury Lure
Underscoring upscale consumers’ continuing appeal to credit card issuers, American Express Co. and Mercedes-Benz USA have joined forces to offer a cobranded card with rewards tied to the luxury car brand’s products, the companies announced Aug. 22.
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Olympic Buzz
With competition increasing among card issuers for affluent customers who often travel, JPMorgan Chase & Co. is going on the road to promote its new United MileagePlus Explorer card and is showcasing Visa-sponsored Olympic athletes to generate buzz around the card.
