November 30, Cyber Monday is a major online shopping day and credit card companies know it. This year, credit card companies went all out to get the biggest share of online credit card transactions as consumers went online.
Despite economic instability, high unemployment rate and credit card crisis, credit card companies were hopeful that the Cyber Monday shopping blitz would mean high profits for their credit card lines. According to a recent web analysis firm's report, they might be right. Report shows that on Black Friday, spending from online shoppers were 35% higher than last year.
Chase Cards Customer Loyalty general manager, Rob Rosenblatt said, "We knew that our card members would appreciate additional discounts and more rewards points during this holiday shopping season in particular."
To take advantage of the shopping spike during Cyber Monday, Chase Card launched their Ultimate Rewards program. Chase card holders who accessed the Ultimate Rewards Mall website of the company had the opportunity to earn ten bonus points every day from a selected number of retailers. They earn even more during the holiday season. Chase card holders also had access to tools that helped them find where the best deals were. Chase Card was not the only one chasing online customers on Cyber Monday either.
During Cyber Monday, American express was offering credit card holders who were eligible for triple membership rewards points for every purchase that they made on Amazon.com up to a limit of $5,000. They also offered a Platinum Card limited promotion which would earn members six times the normal amount of rewards points if they shopped at 25 preselected online sellers. Green and Gold Card holders were given five times the usual points.
Credit card company, Discover, launched their new website, ItPaystoDiscover.com in the hopes of attracting Discover credit card holders to checking out the best way that they could maximize their Discover cash back rewards bonuses. Discover's new website also offered other features such as exclusive and limited time deals. Discover credit card holders can also use the new website to check out how other discover card holders in certain areas in the country are redeeming their rewards.
Discover Senior Vice President of Rewards and Brand Management, Julie Loeger, said, "Cash rewards are part of Discover's heritage, and we're proud to have awarded our card members more than $8 billion in Cashback Bonus since the program's inception in 1986." "ItPaystoDiscover.com is a simple and powerful way to help card members realize the full value of their Cashback Bonus and make their money worth more," she added.