Baby Boomers Respond to "Fairness"

We've heard lots of horror stories lately about credit card companies charging a $39 late fee for a late payment of $1.72 or even 1 cent. It makes no sense and it is bound to get these companies in trouble with Baby Boomers who have a heightened sense of fairness. Beginning January 1, Leading Edge Baby Boomers in the U.S. (born between 1946 and 1966) will begin turning age 60. These are the folks with the most discretionary income in the U.S. and they are big spenders on situations where credit cards are often used--dining out, air travel, and gifts for others. Credit card companies are urgently courting these folks, but the policies many companies have adopted regarding late fees may send Baby Boomers scuttling away. As Baby Boomers age, they have more time to research companies and purchase decisions.

In his book, Marketing to Leading-Edge Baby Boomers, Brent Green writes, " 'The Golden Rule' will become fashionable again as a way to differentiate a company from its competitors... Differentiate by demonstrating justice and fair play." Exorbitant late fees for minor oversights do not seem to demonstrate fair play.