Aug 22, 2006
Discover discovers cash back, and offers a truly boring promotion
How about this for the main theme of your next advertising campaign: "Earn cashback rewards that never expire." This theme was advertised all over the Gaylord Opryland Mall in Nashville (right next to country music's legendary Grand Ole Opry).
Zoom in on the fine print at the bottom right of this huge banner. It says, "Earn up to 1% Cashback Bonus on each purchase. Rewards have no expiration date; however, certain circumstances, such as Account closure and inactivity for more than 36 months, could result in forfeiture of of some or all of your Cashback Bonus."
The credit card industry has come to the point where cards are so much alike that banks get excited about even the slightest differentiation. Cashback that never expires? There have got to be more exciting ways to market credit cards.
Another thing: you walk around the mall and you see "buy 1 get 1 free" this, "20% off" that, and all kinds of other promotions. In comparison, Discover's 1% Cashback looks miserable. Even if the 1% doesn't ever expire. Buy a new flat screen TV at 20% off today, and you could probably save as much in that single transaction as a year of 1% Cashback!