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New Foreign Markets Open Up For Credit Card Companies
Credit card issuers are seeing increases in credit card applications due to stronger foreign markets. In Mexico, the economy is recovering due to outsourced technology firms and manufacturing companies. Credit card solicitors are targeting the new Mexican middle class with low interest credit cards.
According to an article By Marla Dickerson, Los Angeles Times Staff Writer
August 11, 2007, ‘over 22 million credit cards are in circulation in Mexico. Total consumer credit has doubled in the past two years. This increase is a major boost to credit card companies looking to expand in foreign markets.
Many big box merchants are advertising credit card applications in-store. Credit card companies typically partner with big box stores to increase the number of applications for credit cards. The big box stores get a commission from each approved application. According to Patrick Montana of credit card offers website www.sparecard.com, this form of credit card advertising will increase the number of Mexican card holders to nearly 50 million in less than 2 years.
Credit card companies are always looking for new customers as 1 in 3 Americans have a credit card. According to quikonnex.com, the average US family carries a credit card balance of $5,000 to $8,000. Over $1,000 per family goes to credit card interest. Over 90% of Americans disposable income is spent paying back credit card debt. These are huge numbers for a country with the greatest economic growth in the world.
Foreign markets such as Mexico and China which are fast growing will allow credit card companies to tap into a new type of consumer. This consumer will spend money on luxuries that he or she normally have never had access to. The growing foreign markets will allow credit card companies and merchants to tap into a burgeoning new market of potential credit card holders.
Russia is also a new emerging market for credit card companies. Many card companies were very successful in the USA during the 1990’s because they mailed solicited credit card to consumers. The cards were ready to go and they had 2 levels. One level was for consumers with bad credit and the other level was for consumers with good credit. This signup tactic was successful in part because the cards could be activated without going through the formal application process. Credit card marketers have always been successful in the systems they put in place to signup new customers in the USA. Foreign markets may be trickier because credit card companies will have to formulate a marketing strategy that doesn’t offend the new era of middle class families.