Myer secures 3000 a month for Visa
The acquisition rate for Myer Visa credit cards is low at 35,600 in the year to July 2010, the company's annual profit discloses.Myer One, the company's central loyalty list, claims 3.7 million members and five million cards, so the sell-through rate for the Visa product is tiny.No doubt GE Money, the card issuer for Myer, will be working on this weakness and, as ever, will have its eye on the promotional and credit opportunities attached to the coming Christmas season.Still, GE has to steer Myer into a much more zealous effort than in the year just gone.Like Myer's customers, Myer's partners must live with the consequences of lower staffing and poorer customer service.