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Credit card firms use social media marketing

July 14, 2012

Major financial institutions are increasing outreach on social media sites, as more people sign up to join the sites than ever before.

Major financial institutions are increasing outreach on social media sites, as more people sign up to join the sites than ever before.

Mashable reports that many credit card firms are using sites such as Twitter and Facebook to reach out to potential customers. Part of the reason for the expanded effort online is based on recently passed legislation in Congress that capped certain fees the firms could charge.

“The credit card industry is slowly recovering from the big crash of 2008; delinquencies and charge-offs have significantly decreased,” the source reports. “At the same time, the U.S. has smacked down the aggressive tactics used by credit card issuers, particularly when it comes to younger customers.”

Some financial companies are using social media to help retailers with merchant services strategy. US Bankcard Services came out with a series called “Best Practices for Merchants,” which users can access on Facebook. The first part of the series deals with how to best manage costs while also achieving a high-level of quality.

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