CoolSavings.com, Chicago, is promoting the CoolSavings Platinum Visa Card, its first branded credit card done in association with First USA, to 3 million of its 4.5 million members through a direct e-mail campaign.
CoolSavings.com has contacted members for the past few weeks using two e-mail messages.
The first one – sent to members who opted in to receive targeted e-mail offers from CoolSavings – is a bimonthly, personalized newsletter that promotes new offers available on the site.
Beginning last month those e-mails started containing promotions for the credit card. Members were informed of the card along with information highlighting its benefits and features. For more information CoolSavings.com offers a link to a marketing page with more detailed information about the card’s terms and the rewards program. From that page there is a link to an application page. After sending the application consumers receive an electronic response within 60 seconds.
If approved, consumers have the opportunity to choose a gift certificate from The Sharper Image, Red Lobster, The Olive Garden or Hyatt. They also receive more than $200 in bundled coupons from such CoolSavings advertisers as furniture.com, CDNow and BUY.COM.
The second e-mail message goes to members identified as most likely to respond to the credit card offer. These members also receive a targeted e-mail but do not receive any other offers if approved.
According to CoolSavings, response rates have been better than 5 percent.
First USA and CoolSavings also plan a direct mail campaign to First USA card- holders in the first quarter of next year. First USA has more than 40 million accounts.
CoolSavings promoted a number of cards in the past, but currently the CoolSavings card is the only one being promoted.
The only other site promoting the new card is the First USA site.
“It’s something that we looked at doing from the beginning of the year,” said Steven Golden, chairman/CEO of CoolSavings.com, “but we wanted to make sure all the pieces were in place and that the card would work well together with the site. We have come up with an effective model that benefits our customers.”
CoolSavings said it chose First USA because it is the “largest credit card lender online.”