OKLAHOMA CITY - The $1.3 billion Tinker Federal Credit Union saw its card portfolio increase in value by $3 million after the credit union employed a mixture of credit line increases, new account acquisitions, pre-approved upgrades and balance transfers, the credit union said. This spring, the credit union mailed more than 13,500 Visa Platinum upgrade letters that also included a 5.99% balance transfer offer until paid in full. More than 22% of recipients accepted the offer for a total gain in outstanding balances of $1.3 million. Balance transfers associated with this offer totaled $570,000. The credit union also mailed 32,400 pre-approval letters to non-cardholding members with an introductory rate of 2.99% for six months and launched a credit line increase for qualified cardholders late last year that boosted average monthly balances by almost 23% or an average of $166 a month per cardholder. Tinker is a member of PSCU Financial Services and used the cooperative's card resources to help achieve its goal.
This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, click the "Reprints" link at the top of any article.
From the July-28, 2004 issue of Credit Union Times Magazine • Subscribe!
Tinker FCU Card Portfolio Leaps $3 Million in Eight Weeks
Want the latest credit union news?
Sign up for our free newsletter today! All the breaking credit union news and information you need to make the right decision for your credit union delivered to your inbox. For free!
Thanks for subscribing, you will start receiving the Daily News Alert tomorrow!
Comments
Resource Center
View All »
Measure and Monitor the Risks and Opportunities in Loan Portfolios
Get a complimentary demo of our loan portfolio analytics and access to the white paper,...
