AMERICAN EXPRESS CHASES 25 TO 35-YEAR-OLDS
By Adnews Staff
American Express of Markham, Ont. is targeting consumers aged 25 to 35 with its latest credit card that came on the market this week. Called the American Express Credit Card with Cash Back, users will receive an annual rebate of up to one per cent. Cardmembers who spend $1,500 on their card during the year will receive a .25% rebate. Users who spend between $1,500 and $3,000 will receive .5% cash back and those who spend $3,000 and over will receive 1% cash back. The card is being promoted using a national magazine and TV campaign created by Ogilvy & Mather of Toronto. NATIONAL Public Relations of Toronto is handling PR.
Before launching the American Express Credit Card with Cash Back, the company conducted research to learn more about the attitudes of the 25 to 35-year-old age group. American Express found that 25% of them are currently saving for retirement, only 28% believe that an expensive car is a sign of success and more believe in UFOs than believe that government pensions will be around when they retire. In addition, most prefer to pay into their own RRSP than into a government pension. Two-thirds of the consumers in this age group have at least one credit card, over 60% are married and almost a quarter of them hold a management or professional position or own their own business. Sixty-three per cent of them own their own home.