Credit Card Industry Turns Up the Heat on Social Media
Social media began as the new ‘thing’ years ago with the creation of MySpace.
Soon people began to enjoy interacting with each other and social networking took the digital world by storm. Millions of people flocked to join the sites and today even people without traditional computers have a Facebook or Twitter account.
Thanks to mobile phones and other internet enabled devices anyone can keep in contact with all of their online friends.
In turn, companies realized the gold mine that is social media and advertising has never been the same.
Sharing Perks
Credit card companies use social media to share what is known as hidden perks to customers.
Amex says that their cardholders are very internet savvy and use social media to stay in touch with the company. Amex spends time sharing the hidden perks of their cards, VIP treatment at events, extended warranties, insurance, and more, through social media.
Other companies such as Capital One, and Discover also advertise their perks to cardholders and potential customers through social media.
Contests for Cardholders
Social media is a hot bed of contests and credit card companies have jumped into the game wholeheartedly.
Many companies use the networks to enter customers into contests to win cash or other prizes. Sharing and liking contests are popular on Facebook.
These contests usually involve sharing pictures, updates, or clicking ‘like’ on a post. Winners are chosen at random and can receive any number of interesting prizes that the company is offering. Contests are exciting and give customers more for their money.
Instant Buy
When turning up the heat, buying power is a white hot addition to the credit card companies arsenal.
American Express instituted a program called Sync, with a simple hashtag cardholders can buy products. When an offer appears in a Twitter feed, respond with a special hashtag and the product is now yours. This makes it important, extremely important, to safeguard social network passwords. Identity theft can occur and no one wants to see their credit card pushed to the limit.
Instant News
Credit card companies are using social media to keep their customers informed.
When cyber attacks happen or there’s a change to the company, it can be sent out to all customers instantly. Emails may get bounced into a spam folder, but social media is checked often, sometimes obsessively by users.
Even if the user doesn’t see the news item in their feed, they can check the timeline or feed of their credit card issuer for news.
Social media has been a boon to issuers and holders.
They are able to stay in contact, which is essential to today’s internet use. No longer do card holders need to wait for days to have an answer to a question, at least not with the best companies. New perks are created just for social media and users are enjoying their cards more than ever.
Credit card companies are also enjoying the lower cost of advertising – social media is free unless paying for advertising. This lowers costs all around and creates an environment where everyone wins.
About the Author: Tina Samuels writes on social media, mobile payments, business, and on healthcare reform.
Image Credit: 1.
Posted in Social Networking. Tags: credit card services
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