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The credit card industry mailed out a record 6.06 billion solicitations in
the U.S. last year, according to the McClatchy Newspapers. About 18 million
offers, or about 0.3 percent, were accepted, which was a record low.
Recognizing the need for better bait, credit card companies are increasingly
offering rebates or rewards to entice new customers. "If you have a high
bill that you can't repay at the end of the month, the whole point of
earning a 5 percent reward gets eaten in two seconds by the 18 percent
interest rate," said Linda Sherry of Consumer Action, a nonprofit group that
tracks the credit card industry.