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Major card issuers have cut cardholders credit lines, raised interest rates and hiked fees. But they have also rewarded competing credit unions with a bigger market share, according to executives with three of the largest credit union card processors.

“If nothing else, this a great time for credit unions to grab a bigger share of their members’ wallet,” said Robert Hackney, president of Card Services for Credit Unions, the association of credit unions that process their card transactions with FIS. Hackney explained that the association has been finding it has often benefited as its members have turned to credit unions for access to credit that they have lost from other bank issuers or found too expensive.

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