Another CU Climbing Back Into Card Issuing
The 13,000-member, $234 million Tucson Old Pueblo Credit Union in Tucson, Ariz., has announced it will re-enter the credit card market after having previously sold its credit card portfolio.
The announcement came from payment processing CUSO PSCU Financial Services, which is handling the processing of the new portfolio. The announcement did not reveal when Tucson Old Pueblo sold its card portfolio or to whom, but a link on its website for Visa card disclosures led to a disclosure form authored by Infibank.
“Offering a credit card is essential in this marketplace,” said Tucson Old Pueblo CEO Joseph Mirachi. “We have new members joining us from large banks and they are specifically looking for a consumer-friendly terms that only credit unions offer.
“In addition, we need to serve our existing members who are looking for low interest rates and low or no fees. Having an attractive credit card portfolio helps us satisfy and grow our membership.”
Michael Kelly, CEO of PSCU Financial Services in St. Petersburg, Fla., said, “We are excited about servicing Tucson Old Pueblo Credit Union’s credit card business and we continue to urge credit unions to reclaim their credit portfolios in order to better serve their members,”
Kelly added that the CUSO’s credit processing volumes continue to grow through increased credit card utilization by credit union members.
PSCU reported that about 24 credit unions over the last 18-24 months have decided to use PSCU to re-launch credit card programs after having sold their card portfolios.