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Article: Issuers try a marketing play to promote gift card sales: gift cards merchants sell for use only in their stores long have controlled the prepaid card market. Bank issuers hoping to sell prepaid cards that can be used virtually anywhere instead are stepping up promotional support to help propel sales.(Card Marketing)
- Article from:
- Cards & Payments
- Article date:
- May 1, 2006
- Author:
CopyrightCOPYRIGHT 2006 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The open-loop gift card industry is galloping into all kinds of new territory. In fact, banks and third party marketers are using a variety of promotions to help hasten card sales.
Steak lovers and supporters of America's beef cattle industry, for example, now can load a "Beef Bucks" Visa gift card with $25 to $500 (for a $4 purchase fee). Although the cards are promoted as a way to buy beef through restaurants, stores or home-delivery services, they can be used to purchase anything anywhere Visa cards are accepted. By comparison, closed-loop cards typically can be used only at locations operated by the merchant whose name appears on the card.
"It's just ...