Who's getting credit for all the bad press?

In case you haven’t noticed, banks have been getting some heavy criticism about their credit card practices. From rising interest rates and late fees to falling credit lines, it has become popular to “charge” financial institutions with abusive practices. In addition to scrutiny, the industry faces the prospect of tighter regulation, according to a story in yesterday’s New York Times.

So, what if you’re not a bank—but your name is synonymous with the credit card business?

VISA is launching a “credit literacy” project in the form of an online video game, according to this recent story from Marketing Daily. They’re promoting the project everywhere from traditional advertising and online channels… to the floor of the New York Stock Exchange.

Implications: I’m not sure whether this “financial football” game will either attract young people in numbers sufficient to meet expectations, or whether those people will be successfully educated about responsible use of credit. But it’s worth noting that the people at VISA know their fortunes and reputation are inextricably linked to the bad press about banking practices… even though they’re not a bank.

Consumers often indict entire categories with their favorable or unfavorable opinion. (With a little help from the media and/or politicians, perhaps.) Think “big oil.” Investment banks. Health care. And now, of course, “credit card companies.” If your company operates in one of these (or many other) fields, you might be getting credit for issues gone awry… even if you don’t deserve to.

Is your company part of a category or group that is suffering from some type of collective bad press? Is there anything you could do to stand apart from others in your category? Think “cause marketing,” consumer education, or other goodwill-building effort. In their campaign, VISA is not likely to make wholesale changes in the way banks—or consumers—use credit cards. Some might see this as a veneer-level public relations campaign, created to help build a case against further regulation. But the company is demonstrating an effort. And for some consumers, that will be enough to sway opinion.

Mike Anderson