SYF - Credit card issuers pause direct mail campaigns in February

Credit card issuers are taking a more cautious approach in their direct mail campaigns to sign up new customers, after ramping up efforts at the end of 2020, according to Mintel data.Card mailings are continuing to head back to pre-pandemic levels, but the acceleration stalled in January and February, notes Wells Fargo analyst Donald Fandetti.(Though it's only one data channel and much marketing is turning digital, Fandetti still sees credit card mailings as a good directional indicator.)Total mailings are down 35% Y/Y in February, vs. a ~20% Y/Y decline in the months spanning October 2020 through January 2021. By contrast, May 2020 represents the trough, when mailings sank 77% Y/Y."We do expect the general trend to more issuers going on offense to continue," Fandetti wrote.American Express ([[AXP]] +2.5%) and JPMorgan Chase ([[JPM]] +1.5%) were the first to boost mailings in September, but have recently flattened out. Discover Financial ([[DFS]] +1.9%)

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Credit card issuers pause direct mail campaigns in February