1. The nature of the offer has changed but the marketer chooses to retain the creative package. Same creative style, same package, new offer.
2. The new package goes through an A/B test compared to the existing Control. The winner is the new Control.
3. The marketer chooses to make changes but does not test against it.
In the case of this self-mailer I received from Chase, it appears that approach #2 or #3 applied -- with some notable changes compared to the solicitation package I received from Chase last summer: