Websites marketing credit cards for a bounty per approved account have been taking it on the chin this year as more issuers pull the plug on Internet marketing or tighten underwriting standards. The average number of paid offers has declined by 50% over the past twelve months with revenues declining by an estimated 65%. According to CardWatch the average number of paid credit card offers appearing on the top card marketing sites in May was 38, compared to more than 70 one-year ago and as many as 188 in 2007. In addition to suspending paid online marketing for credit cards, some issuers have insisted that their non-bounty paying cards be removed from consumer-related credit card sites. With the exception of CardTrak, which currently offers consumers 447 credit card offers, the card choice for consumers is limited to paid offers. However, CardTrak.com reports that U.S. Bank, Barclays, Chase, and Capital One have asked that all non-paying cards be removed too. Bank of America has stopped advertising online totally. Chase and Capital One have pulled advertising back and will not approve any new Websites. One year ago creditcards.com pulled the plug on its $100 million+ IPO in the wake of a tough public market and deteriorating marketing conditions.
TOP CREDIT CARD SITES
(Number of Paid Offers)
bankrate.com 55
creditcardguide.com 48
cardtrak.com 47
credit.com 43
cardratings.com 41
lowcards.com 40
creditcards.com 37
credit-land.com 31
creditcardcity.com 21
creditcardmenu.com 19
Source: CardWatch (www.cardwatch.com)
