A South Carolina credit union says big bank credit card issuers are partially responsible for giving his CU a spike in its credit card balances.
Bill Love, CEO of the $86 million MTC Federal Credit Union, credited marketing plans prepared by its processor, PSCU Financial Services, and aggressive cross-selling for giving the Greenville-based credit union an already strong card program. The card portfolio grew by more than 142% over the year, reaching 587 accounts with roughly $1.71 million in outstanding balances as of March.
But Love said the CU has seen even stronger growth since March, with outstanding balances standing at $2.5 million as of the end of June. Love attributed the growth spurt to providing the public an alternative to the big issuers.
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"It's not what we have said [in marketing the card program], it's what we haven't said," Love remarked, indicating that MTC has benefited by not limiting or eliminating its cardholders' credit lines or hiking their rates. "It's almost like the big issuers are driving business to us," he said, adding, "People these days just like knowing who they are talking to and dealing with."
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