PSCU Financial Services is crediting bad weather, convenience and ease of budgeting as reasons its gift and reloadable cards had a much stronger year in 2000 than they had in 2009.
The CUSO reported 15% growth in gift card sales and 52% sales gain for reloadable cards in 2009. The total money loaded on gift cards also rose 17% and the value of reloadable cards rose sharply by 46%.
"Both card formats experienced growth but different factors exert influence on prepaid gift and reloadable cards," said Denise Stevens, director of prepaid services for PSCU Financial Services.
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"Overall convenience and hazardous winter weather made gift cards an attractive option for many credit union members. Reloadable cards serve two primary needs: they provide an easy way for members to stick to a budget both during the holidays and year-round. They are also an excellent tool for members who are struggling to obtain or maintain traditional payment products such as credit or debit cards," she added.
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