For many, 2021 was yet another challenging year, but one notable difference between this year and the last is a stronger holiday shopping season. More than a quarter of Americans started their holiday shopping as early as September, according to a survey from CreditCards.com, 62% of respondents said they planned on making their holiday purchases online. By the time Black Friday comes around, which is only a matter of days away, we will not be at the beginning of the holiday shopping season as we usually expect, but rather, right in the middle of it. If your credit union is aiming to have more of your members turn to your credit card offers, time is running out for you to get into the holiday credit card market!
How Much Competition Is Out There?
Make no mistake, a lot of banks and credit unions already have holiday spending campaigns underway, and consumers are looking for rewards. According to a survey from WalletHub, 56% of respondents said they go out of their way to spend money with companies that give them extra credit card rewards. As for what types of rewards card holders are going for, cash back, cash incentives, and skipping a payment are among the most desired.
Market Your Offers Now!
If your credit union is offering rewards on its credit cards, be sure that they are competitive! It’s not just other issuers you’re competing with; digital wallets and Buy Now, Pay Later are continuing to grow in popularity, so your offers must be both appealing and rewarding for your members.
Consider promoting your credit offerings on social media! The Loan Lead Generator can help you use the power of social media to help your credit union bring in more loan leads. Click here to learn more and schedule a demo!