SAN ANTONIO – Card experts advise that balance transfer programs are one way CUs can build up their card programs relatively swiftly and one CU, the $284 million San Antonio City Employees FCU, found that to be true when it opted into a balance transfer promotion coordinated by its processor, TNB Card Services.
The credit union was one of 35 that participated in TNB's Post-Holiday Balance Transfer promotion.
The overall promotion generated more than $4 million in new credit card balances for the participating credit unions during its three-month (February-April) period, with a per-customer average balance transfer of $3,800, the processor reported.
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Attractive interest rates, ranging from 0% to 7.9% APR, gave cardholders an incentive to use the special balance transfer check supplied by TNB. San Antonio City Employees FCU, one of the most successful of the participating credit unions, offered three rates for each of its card levels. Cardholders who took advantage of the special offers transferred an average balance of $4,711, well above the average for this promotion.
"We were pleasantly surprised by the results of the program," said Tim Haegelin, CEO for the roughly 42,000-member credit union. "Our last card promotion was in 2004. The response to this offer convinced us that we need to promote our card program on a regular basis."
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