Banks also use customer data to offer customer rewards programs, such as travel, dining or shopping.
Banks or credit card issuing financial institutions usually initiate various marketing strategies or offers to attract new customers for credit cards. These include many extra offers whose purpose is to highlight the benefits of your credit card to new customers. A feeling of having certain cards is created. Most of these offer cashback, reward points, extra points at certain merchants and zero charges if users spend above a limit.
sign up bonus
Institutions that issue credit cards, such as banks, usually offer large sign-up bonuses such as cash back, airline miles, or points after you spend a certain amount within the first few months. For example, the Kotak 811 Credit Card offers 500 bonus reward points on spending ₹5,000 within 45 days of card setup, Livemint reported.
personal offer
Banks also use customer data to offer customer rewards programs, such as travel, dining or shopping.
Participation and co-branded cards
Banks partner with airlines, hotels, retailers and other brands to create co-branded cards with special benefits. They also market to loyalty program members by highlighting benefits like free checked bags, priority boarding or hotel upgrades.
Cashback and Reward Program
Many times new credit cards promote customers by offering cashback offers, flexible reward redemption options and category specific rewards like, more cashback on groceries or dining.
special benefit
Credit card companies or banks also promote their credit cards by advertising premium benefits such as airport lounge access, travel insurance services. They often emphasize access to special benefits or experiences for cardholders.
zero annual charge
Banks or credit card issuing companies also market benefits such as no annual fee for the first year or no foreign transaction fees for international travelers, offering 0 percent APR for a certain period on purchases or balance transfers. Such credit cards are also available in the market.
Referral and Loyalty Promotion
Banks encourage existing cardholders to refer their friends by offering additional points or bonuses for successful referrals. Another way to market is to highlight loyalty programs, where the more customers use the card, the more points they earn.
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