The Secret History of the Credit Cards

Credit Cards
Students Name
Institutional Affiliation
Course
Tutor
Date
Credit Cards
Companies employ different marketing strategies to lure and attract customers from different areas based on their lucrative offers. The credit card industry is very competitive, and it is hard to attract new customers without a proper strategy that convinces customers to subscribe to the company’s offers. With the right strategy and a proper marketing team, it is easy to penetrate the market and obtain customers (FRONTLINE PBS 2021). American credit card companies are making abnormal profits from their services and the interest rates they charge. They have managed to lure numerous customers to their net and offered them credit cards, bringing in huge profits. The companies have employed mail marketing, where they send emails to individuals in their homes with information about the credit card and its benefits, including the interest rate on registration, which is normally zero, the minimum payment, and the credit limit for each individual. Every day, these emails are sent to customers repeatedly, which convinces them based on the favorable terms and the persistent sending of emails. Credit companies ensure they gain individuals' trust by giving them lucrative offers as beginners. When they find that for the first six months, they will not have to pay any interest upon joining, most of them will consider the offer, and once they get the card, the companies are guaranteed good returns. Because the American database has information about people, it was easier to access their information, contacts, and credit scores and apply the strategy effectively.
The emailing marke...