Is Your Credit Card In All Of Your Customers' Pockets?

Do you experience your members or customers falling victim to department store credit cards offering 10-20% off purchases? Are your customers going with huge national credit card companies offering all kinds of perks, rewards, or flyer miles, only to find themselves having paid the minimum payment and now having a large balance with a rate of 30% or higher? Don't worry you're not alone. 

Over 40% of households carry credit card debt and people aren't sure what's available to them to try and get that paid down. Running effective credit card marketing campaigns is key to driving your marketing goals forward for your credit cards.

Remind People to Consider Local Options for Long-Term Credit Cards

What many people don't realize is that local credit unions or community banks also offer solid credit card options. Typically the rates are low and often remain fixed, they likely offer FREE balance transfers, no annual fees, and may even give customers cashback on purchases.

With larger credit card companies rewards may feel great, and these cards do work for some people, but others get trapped into carrying a large balance with a rising interest rate. It turns out that the rewards card may not have been the best financial decision in the long run, and your customers will end up being worse off than they started.

Make sure you position your card options not just for short-term gains, but for longer-term financial wellness.

Discover more great ways to grow your bank or credit union with the Ultimate Guide to Successful Inbound Marketing for Your Financial Institution

Seasonal Credit Card Campaigns Drive Results

One of the best ways to positively impact your institution's credit card adoption with your customers is to run campaigns during the most 'frivolous' times of the year. Consider special rate promotions during the following seasonal times of the year:

Summer Vacations

Back To School

Holiday Season

This is when consumers are the most vulnerable to larger financial institutions and more likely to "take the cheese" when shopping. 

Many people fall into the trap of opening a card to save money while shopping, but they don't see the big picture of how much they will pay back if they do not pay off the entire balance immediately.  Educate them on the smart way of spending and using your lower-rate cards, and in the long run, they will see the biggest reward of all... not having a card with a high rate, ridiculous annual fees, and a looming balance that they can't manage! 

If you're honest and transparent with customers they will make yours their primary credit card and will end up trusting your FI as their one-stop shop for all their banking needs! 

Keep in mind these campaigns can be multi-channel. You may send out a couple of emails with seasonal subject lines, you can run digital ads with the similar layout and seasonal verbiage, you may also want to put up seasonal signage in the branches. You can have fun with a lot of these concepts to gain attention.

Coming Up with Social Content Ideas to Share About Your Credit Cards

According to a 2023 YPulse survey, 57% of Gen Zers use social media to learn new things or find information as well as 49% of millennials. A 2024 Adobe study found that more than 60% of Gen Zers use TikTok as a search engine. More than ever social media content is a great way to attract a new audience when it comes to attracting new customers by simply informing your audience and educating them with the options you have available. Some of the content ideas may include:

1. Do a compare and contrast of your credit cards and share who they are best for. Content like this can be informative but also can lead to direct leads. Make sure in the comments and end of the video you have a way for the audience to be directed back to your website to sign up and apply for your credit cards easily.

2. Use a current digital social media trend to explain your credit cards. This options is fun and your front-line team can have a lot of fun with. Coming up with entertaining content can never go wrong to get your audience's attention. 

Use some of these ideas and we would love to hear what are some of your ideas that have worked. So leave us a comment and let us know!