Despite widespread recognition of their importance to an overall loan portfolio, credit cards remain far too mysterious to far too many credit unions, according to consultants that work with credit unions on credit card management.
Awareness and ownership, risk vs. reward and know thy members. All this can pay off in the card portfolio, these experts say.
Consultant, TMG exec say appreciation for profit center needs to be shown in management attention.
Credit unions need to recognize that avoiding too much risk in a card portfolio is, in itself, a risky thing to do.