Credit, Debit, Prepaid Relationships in 2012- Are You Prepared?
Credit card portfolios have had a rough go at things the past couple of years.
Even with all the media attention on credit union credit cards in 2010, they grew just 2% that year. The previous five-year trend was an annual average growth rate of 10% to 12%.
Second, rewards programs are likely to become even more important. Those offered by credit union need polishing and updating. Processors need to step up and offer credit unions reward programs that can compete with the ever enticing bank card reward programs.
A recent visit to the United Continental Terminal at O’Hare International Airport found humongous Chase Bank banners hanging from the ceilings and virtually everywhere you looked. Credit card reward programs touting no security line waiting, airline lounge access, companion passes and free checked bags – all being marketed to a captive audience standing in the slow moving security line.