BANK AND CREDIT UNION MARKETING

‘Tis the Season to Promote Balance Transfers

‘Tis the Season to Promote Balance Transfers

Ah, the holiday season! It’s a time to make memories and continue traditions with family and friends. However, there is one downside many can agree on – it’s expensive! Budgets are stretched (and often exceeded) to accommodate all the fun. While some plan accordingly for the festivities, many charge the expenses to their high-rate credit card with no solid plan for repaying the debt.

Perhaps unsurprisingly, in 2020, people found themselves in much more debt after the holiday season. On average, from a 2020 survey conducted by LendECU, those surveyed estimated that they would be in around $2,000 of debt following the holidays. This number isn’t including the other debt accrued throughout the pandemic – it’s just from holiday spending.

However, this is the time of year that can potentially benefit you – and your current and future accountholders – the most. Offering special promotions on balance transfers to your low-rate credit card following the holiday season is a great way to increase awareness of the benefits of your bank or credit union. A creative, eye-catching message about the ease of transferring balances to your institution, paired with the enticing advantages you provide, can capture the attention of your audience and provide a helpful strategy for overcoming credit card debt.

Balance transfers have many advantages that will highly benefit your accountholders. If your institution offers no transfer fees, extra rewards points, special introductory rates or any other perks for balance transfers – advertise it! These special promotions can have a huge impact on the reach of your advertising.

Promoting your balance transfers this year will be a great opportunity to find those new accountholders and start 2022 off right. At image.works, we have a talented team of designers and copywriters that want to help you, help others. We can convey the ease of balance transfers at your institution through attention-grabbing copy paired with stunning design and a cross-media marketing approach, with digital and print, to effectively reach your audience for incredible results.

Contact us to get started on your holiday balance transfer promotion today. Interested in viewing our ready-to-go balance transfer designs? Just click here!

Source:
https://lendedu.com/blog/credit-card-debt-holiday-shopping-coronavirus-study/

Posted by Adeline Savignac - July 28, 2021