Credit Union Card Portfolio Sellers Still Unhappy With Card Issuing Partners
Credit unions that have sold their card portfolios and entered into agent issuer agreements with their purchasers remain by and large unhappy with their card issuing partners, according to a survey of CUs which have sold conducted by Asset Exchange.
Asset Exchange is a leading credit card brokerage and consultancy that is owned by card processor Fidelity National Information Services. This is the third year the firm has surveyed credit unions which have sold their card portfolios.
"We were interested to see if the state of the economy would alter executives' views regarding their card portfolio sale," commented Frank Selker, AssetExchange president. "We found little change. Results were very much in line with previous survey responses."
The survey found that credit unions who sold their portfolios are largely both happy with having sold them but unhappy with the ongoing relationship with their card issuing partners. Credit unions surveyed expressed dissatisfaction with their partners products (43%), pricing (67%) and service (71%), the firm said.
Further, the survey indicated that half of the CUs that sold are currently evaluating whether to let their card issuing relationships expire with their current contracts; 19% are thinking of getting back into card issuing and 48% are evaluating other issuing partners.