Pennsylvania credit union says it's seen 350% increase in credit card requests.
Credit cards continue to be among the most productive but little appreciated credit union assets, according to executives whose job it is to help credit union learn to manage their card portfolios more profitably.
CSCU analysts say that roughly 15% of a credit union's members on average use that credit card.
Moving transactions from ACH, checks and cash to debit cards helps credit unions both reduce their costs and improve their revenues.
The 50 represent 1.1 million card accounts. CSCU counts 2,700 credit unions as members.
While it remains too early to declare victory, there are signs that credit union credit cards are poised to move from the background of credit union lending to take a position closer to the spotlight, according to industry card specialists.
Now that the deadline for the Durbin amendment interchange cap to take effect has passed, financial institutions are continuing to develop ways to offset lost interchange revenue. One solution? Raise fee income by making debit and ATM transactions more expensive for consumers.
Now that the deadline for the Durbin amendment interchange cap has arrived, financial institutions are looking hard for ways to replace lost interchange revenue.
Many bank card issuers have abandoned practices viewed as unfriendly to consumers, according to a consumer watchdog group that has long been critical of card issuing practices.
Credit unions that set out to improve their credit card management procedures see significantly improved income and card portfolio growth over those which do not, according to Card Services for Credit Unions.