4 April 2005
Credit card providers in the UK are wasting millions of pounds each year on advertising special deals, which only a very small number of consumers even take note of.
The discovery made by the Co-operative Bank, revealed that credit card firms are spending £53 million a year on advertising the special deals alone.
This represents a significant proportion of the sum £84 million spent by the UK's companies on total product advertising.
But only 11 per cent of consumers are actually considering taking out such a product in the next six months.
And amazingly, the findings also revealed that 60 per cent of UK consumers have never even contemplated any offers of this sort.
Sheila MacDonald, chief operating officer, told the Times: "Credit card companies who choose to promote introductory offers do so at considerable expense even though a relatively small minority of cardholders actually choose to take them out."
Saving this excess amount could be put towards lowering credit card expenses, analysts have commented, that could produce some genuine benefit to consumers.
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