Credit Card Marketing: The Battle for the Coveted Top of the Wallet Position

Despite the alarming amount of credit debt American's are already experiencing, credit card issuers continue to research and develop plans to get their card placed in that coveted "top of wallet" position. American Express is testing their new butterfly credit card that folds in half and fits in a nifty silver case which makes it easier to spot. Other credit card issuers are experimenting with the addition of unique sounds, personalization with the client's photographs, personalized scents, including perfumes and coffee, as well as special textures, alumni and business logos, and any other addition they can think of which will cause you to use their credit card more.

There is a lot riding on possessing that coveted top of your wallet position. For the credit card issuer it is all profit orientated. There are currently 11.5 billion credit, debit, and gift cards in circulation in the United States. 8.6 billion of them are credit and debit cards which the average American cardholder have access to and use daily. For the last fiscal business year, the top ten largest U.S. credit card issuers earned total profits of over $16 billion on the usage of those cards.

For the year ending 2008, the average American credit card debt per household amounted to over $9,951. That represents a substantial increase over the 1990 average household credit card debt level which was $2,966. Even with inflation computed into the 1990 debt level figure, the increase still computes to over 250%. Annual fees for the privilege of using credit cards cost the users $3.5 billion. The late fees and over the limit penalties the card issuers levied on card holders totaled $14.8 billion. This figure does not include the profit earned on the interest they charge the credit card users.

There is a lot of power in that top of the wallet position and the credit card issuers are pulling out all stops to jockey for that position. That is except for improving customer support. That aspect of credit card services continues to lag. Talking to a real person when you dial into customer services is a luxury few callers get to experience. If you are able to access a breathing customer service representative they will generally provide courteous service and attempt to aid you through your problem. But the problem remains getting access to them. In the future before you call the credit card customer service line, visit http://gethuman.com/us/. They offer tips for shortcuts on how to bypass those automated operators and forever on hold telephone calls, so you can get your credit card question answered.

With the amount of credit card debt the average American carries and the amount of profit the top 10 credit card issuers are earning, there is no questioning the benefit of the top of the wallet position. But for the benefit of the American consumer, the out of the wallet position seem like it would be a better solution.

Resource: Plastic Appeal - AARP Bulletin - January, 2009Tags: credit card debt, debt reduction, credit report, business and finance, top of the wallet position