There are signs that credit unions may soon face more competition from local credit card issuers.
The lists of credit unions that had previously sold their card portfolios to banks only to come back into issuing again grew last week as the 60,000-member $1 billion Eli Lilly Federal Credit Union converted a card portfolio that it had previously sold to a bank back to its own...
Indianapolis credit union buys back portfolio a decade after it was originally sold to the former MBNA.
Cambridge, Mass., credit union says alumni association cardholders automatically enrolled in a rewards program.
Visa USA has recognized the 61,000 member Purdue Federal Credit Union as having one of the best Visa card programs in the nation.
Bank of America made official last week what many anticipated when a spokesperson acknowledged that it will no longer issue credit cards in agent relationships with credit unions and smaller banks.
Credit unions which currently issue cards with Bank of America have also been told that their contracts will not be renewed after they expire.
TMG Financial Services, the agent issuing card arm of The Members Group, a payments CUSO affiliated with the Iowa Credit Union League, said that 19 credit unions have opted to begin offering business credit cards through an agent issuing relationship with the organization.
A report from the Federal Reserve indicates more CUs issuing credit cards in affinity with colleges and universities