Letting the Other Guys Market Your Card
CEO Bill Love said a combination of card marketing plans prepared by its processor, PSCU Financial Services, and aggressive cross selling by the CU has grown its card portfolio by more than 142% over the year, reaching 587 accounts with roughly $1.71 million in outstanding balances as of March.
Love said the CU has seen strong growth since March, with outstanding balances standing at $2.5 million as of the end of June. Love attributed the growth spurt to providing the public an alternative to the big issuers.
"It's not what we have said, it's what we haven't said," he remarked, indicating that MTC will not be limiting or eliminating credit lines or hiking rates. "It's almost like the big issuers are driving business to us," he said, adding, "People these days just like knowing who they are talking to and dealing with."