Members of Texas Dow Employees Credit Union who have credit scores of more than 720 are now eligible to carry the credit union's Onyx Card, a unique card product the credit union developed to compete with so-called "elite cards."
Developed in conjunction with the credit union's processor, TNB Card Services, the new card blends revolving and non-revolving credit. A cardholder with a $10,000 credit limit can access up to three times the line of credit, for purchasing power up to $30,000. The first $10,000 is on a revolving limit, like a traditional credit card, in which the balance due can be paid in full each month, or revolve with interest. The remaining balance, or non-revolving credit, is due in full at the end of each billing cycle.
Onyx cardholders can also earn up to two percent cash back for all purchases, including non-revolving transactions. TDECU also customized a benefits package comparable with other high-end national credit cards.
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"We worked with TNB to create this card to fill a void for members that use competing high-end credit cards," said Ron Wright, vice president of payment systems for TDECU. "We don't just want a credit card. We want to offer an experience card."
TDECU and TNB worked closely together to develop the card strategy and benefits, as well as the back-end system to ensure TDECU could effectively manage the card program. Wright added, "We took a look at our entire membership and selected benefits that we felt would be attractive to our members from a brand and feature perspective."
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