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Banking and Cards Research

Digging into the Customer Experience: Banking and Credit Cards

Corporate Insight’s Bank Monitor, Credit Card Monitor and Small Business Card Monitor provide ongoing coverage of the products, websites and overall customer experience offered by the nation’s leading banks and card issuers. Our value-added banking and credit card research digs deeply to evaluate the retail and small business customer experience.

Gift Cards PDF Print E-mail
In addition to offering traditional credit line cards, many card issuers also offer gift cards, which they heavily promote during the holiday season. In this edition of Credit Card Monitor Report, we investigate the credit card firms that are currently promoting in-house gift cards on their sites and examining the fees and features attached to the product.

In this Credit Card Monitor report, we look into gift cards offered by credit card issuers, examining the fees associated and any special features, such as customization options. Gift cards are popular options for gift givers, and, as such, many credit-card issuers are making these pre-existing products more prevalent during the holiday season. As we investigated what is currently being offered by each firm, we focused on the following issues:
  • Which issuers are currently offering gift cards and how are they marketing them?
  • What options are offered?
  • What fees are assessed for gift cards?
Of the 10 credit card firms tracked by Credit Card Monitor, only 50% offer a self-branded gift card providing users with a number of customization options, varying for each firm and card product. All five of the firms in this report offer multiple card image options and card embossing allowing users to add the name of the recipient, a stock greeting or the card value to the front of the card (40% of which offer multiple embossing options on a single card). All five firms allow purchasers to select the exact amount they would like on the card from $20 to $500, with one firm offering higher card values of up to $3,000 on select gift cards.

Each gift card option examined in this report carries either a purchase fee or shipping fee, with two card issuers charging both fees for gift card purchases. The total per card fees in this report varied from $3.95 to $12.90, depending on the firm and gift card type. All gift card issuers offer delivery to either the purchaser or recipient; however, 60% of these firms impose shipping regulations, requiring gift cards of $100 or more in value be sent to the purchaser.
Additional key findings include:
  • Only two firms offer multiple gift card types to purchasers, each carrying a different fee.
  • Only one firm offers an eGift Card option that is usable for online purchases.
  • Of the firms that offer gift cards, 80% offer express shipping at an additional cost.
 
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