Marketing Strategy and Plan for ABC Bank's Credit Card for Immigrants

This report provides a detailed analysis of ABC Bank's marketing strategy and plan for introducing credit card reward programs to immigrants newly arrived in Canada. The report focuses on the 'Alexa' credit card, highlighting its features such as welcome points and the benefits designed to meet the specific needs of immigrants, including those without an established credit history. The report examines promotional strategies, including interest rate reductions and cash-back offers to attract new customers. It also explores the benefits offered by the bank, such as reward points and bonus points for spending, and concludes by emphasizing the short-term promotional rates and the potential for customer acquisition. The report also includes a bibliography with relevant sources.

Running head: MARKETING STRATEGY AND PLAN
Marketing Strategy and Plan
Name of the Student
Name of the University
Author’s Note

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MARKETING STRATEGY AND PLAN
Topic - ABC bank introducing the concept of credit card rewards to immigrants who have
recently moved to Canada
Name of the Company – ABC Bank
Abstract
The article reviews the concept of credit card reward points to the immigrants who recently
moved to Canada. For the immigrants the bank have introduced the Alexa credit card that
offers the immigrants 20,000 welcome points for the new member. A measurement is done
for the ability of spending and savings for building the credit score. The procedure of getting
the credit card for the new immigrants is described in the article and it would help to
understand the procedure and get the benefits of credit card.

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MARKETING STRATEGY AND PLAN
Table of Contents
Introduction................................................................................................................................3
Promotion...................................................................................................................................3
Conclusion..................................................................................................................................4
Bibliography...............................................................................................................................5

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MARKETING STRATEGY AND PLAN
Introduction
It is needed to be kept in mind that there are two types of credit card offered by the
band i.e. unsecured and secured cards. For getting the secured cards the immigrants need to
make an initial deposit for covering unpaid balance. The unsecured cards are named as Alexa
and the it comes under special program from the ABC Bank and it is designed based on the
specific needs of the immigrants. The unsecured cards are not available to the other
Canadians without having a credit history. The unsecured cards available with ABC Bank are
named as Alexa and it has 20,000 welcome points and it can be redeemed on spending $500
within the 3 months of getting the card. The user can also redeem the credit points for music,
movie and other events and they can also gain bonus points on spending on regular
purchases.
Promotion
For the promotion of the offer ABC Bank is suggested to decrease the interest and annual
charge on the card. Currently the monthly interest for the purchases is 8.99% for the next 6
months after the approval and it can be reduces to 7.99% because its competitive banks are
proving the same rate. The customer can also be provided 1.00% cash back on drug store,
grocery store and gas station such that they feel attracted for getting the credit card. The rates
can be decreased with the number of billing circles for confirming the repayment of the loan.
The bank offers the following benefits for getting Alexa card to its customers.
 Get 1 reward point for each $1 is spent for each of the purchases made by the
customer.
 A reward point of 25,00 point bonus is awarded to the user for spending $1000 within
the approval of the card within the first 6 months

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MARKETING STRATEGY AND PLAN
 The monthly interests for purchases drops to 7.99% with the repayment of the amount
spent.
Conclusion
For the article it can be concluded that the promotional rates offered to the credit card
is for a short period of time available at a low rate of interest for the balance of months after
opening the credit account. credit card. The promotional rates are offered as an introductory
rate and offered for the first 8 months of allocating the card to the customer. The article
describes the promotions that can be made attracting more number of immigrants to use their
Alexa card and the bank can gain more customers.

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MARKETING STRATEGY AND PLAN
Bibliography
Akram, U., Hui, P., Kaleem Khan, M., Tanveer, Y., Mehmood, K., & Ahmad, W. (2018).
How website quality affects online impulse buying: Moderating effects of sales
promotion and credit card use. Asia Pacific Journal of Marketing and
Logistics, 30(1), 235-256.
Boschetti, R.I.B., Perin, M.G., de Barcellos, M.D., Sampaio, C.H. and Basso, K., 2017. Non-
monetary sales promotion effects on credit cards. Journal of Financial Services
Marketing, 22(1), pp.3-13.
Geng, D., & Kauffman, R. (2017, January). Decomposing the impact of credit card
promotions on consumer behavior and merchant performance. In Proceedings of the
50th Hawaii International Conference on System Sciences.
Kumar, A. A., Poornashri, M., Priyanka, A. K., Arun, G., & Gowrishankar, D. (2016).
Opinion of Customers Towards the Promotion Schemes Offered for Credit Cards
With Special Reference to Icici Bank, Dharmapuri, Tamil Nadu. International
Journal of Business and General Management (IJBGM), 5(3), 21-28.