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nce upon a time in the not so distant past, I recall credit unions across the nation pondering the fates of their credit card programs. Keep? Sell? Keep? Sell? At the same time, credit unions were in the news for selling their credit card portfolios to banks?yes, the same banks that have since brought down the American economy. Oh, the justifications I used to hear: credit cards were not a core competency, the risk was too great, fraud was a concern, it’s an orphan within our product line. And, yes, some credit union CEOs even said banks do cards better. The credit card remains the most misunderstood product within a credit union.

A credit card has become a universal product in American society. Virtually everyone has one, and although we are expecting a downward trend in credit card usage, the bottom line is that Americans carry billions of dollars of credit card debt. As a credit union, your members are entitled to the most fair and ethical credit card in the marketplace.

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Peter Westerman


Credit Union Times

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