The 103,000-member, $741 million MarineFederal Credit Union said it has seen strong growth in itscredit card portfolio by using a mixture of rewards programs,credit line increases and balance transfer offers.
|The Jacksonville, N.C., credit union saw its overall outstandingbalances on its credit card program climb by 8.5% and net yieldclimb by 2% over the course of a year, according to Card Services for CreditUnions, the trade association whose portfolio analysts hadsuggest several of the card strategies the credit union used.
|The credit union found that offering a mixture of cash back andpoint rewards built cardholder loyalty while offering the creditlimit increase followed almost immediately by the 2.9% balancetransfer rate helped bring in an additional $2 million inbalances.
|“Not all credit unions realize they have access to powerfultools and resources that can help them experience similar successas Marine Federal Credit Union,” said Melissa Oxendine, seniorportfolio consultant, CSCU. “We encourage our members to takeadvantage of these membership benefits that have proven effectivein helping credit unions stay competitive and profitable.”
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