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Lessons from US Credit Card Issuers
Datamonitor, Sep 2004, Pages: 100
Introduction
The US card market is the most developed in the world. Indeed, US consumers spend more on their credit cards and hold more cards in their wallet than consumers in any other country. The US market, therefore, offers UK issuers with a unique window into the future. This brief scourers the US card market to detail the most interesting product innovations and examines their potential for UK issuers.
Scope
Provides data and analysis to detail the size, progression and drivers of the US credit and debit card markets and compares the US market to others
Explores the US card market to profile innovative products developed to tackle problems facing US issuers
Primarily written for UK credit card issuers, but relevant to all companies wanting to learn more about the highly developed US credit card market
Highlights
In 2003, US consumers spent $1,530 billion on credit and charge cards and had outstanding debts in excess of $650 billion. This is seven to eight times larger than the UK market, which itself has gone through a period of rapid consumer credit growth and an upsurge in card use.
The introduction of celebrity endorsed cards in the US takes the concept of affinity marketing one step further. Although their appeal is particularly relevant to the teen market, the concept could easily be extended to the mainstream market. However, the high fees charged make them a poor payment tool for all but the most avid fan!
The overriding lesson coming out of the US market is to forget about outright retention and concentrate on securing top-of-wallet position. Albeit little more than a gimmick, miniature cards are a particularly interesting development as it is highly unlikely that a cardholder would keep more than one miniature card on their key ring.
Reasons to Purchase
Examine the highly developed US credit card market to better understand what the future holds in store for UK issuers
Learn about the latest innovations in the US credit card market and their potential for protecting your future growth in the UK
Avoid costly mistakes and gain new ideas by reading We have Cards & Payments Team view of the latest developments causing a stir in the US
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