TMG Financial Services, the agent issuing card arm of The Members Group, a CUSO affiliated with the Iowa Credit Union League, says that 19 credit unions have opted to begin offering business credit cards through an agent issuing relationship with the organization.
"The partnership with TMGFS allows us to provide our business members with an option that will enhance their financial management capabilities without diverting our resources and commitment to all of our other products and services," said Jim Carr, VP Commercial Group of FORUM Credit Union, one of the 19 that has launched a business card with TMGFS. The $945 million asset credit union serves more than 100,000 members, including approximately 3,000 business members.
"During the past couple of years, we have seen an increasing need to develop and provide a business credit card option that is beneficial to both the credit union and its member businesses," said Jeff Russell, president and CEO of TMG Financial Services. "Credit unions are focusing on their core competencies.
Recommended For You
Even if they currently own and run a successful consumer credit card portfolio, they may not have the resources to implement, maintain and grow a credit card product that focuses on the needs of a business member. Like our standard product, we own the receivables and run the business card portfolio, while working closely with our partner credit unions to have their brand be front and center, while ensuring the product is competitive with the largest business card issuers in the country."
Some of the benefits of the ATIRAcredit business card include consolidated rewards, assigning credit lines based on employees' roles, viewing activity across all cards under the owner's control, as well as making one monthly payment. There is no annual fee the first year, and $39 each year following.
Russell said that as credit unions are seeking ways to better serve their business members, outsourcing a product such as this just makes sense.
"Business members are no different than individual credit union members, they want a competitive credit card program," he said. "They want low rates, rewards, but they also want the ability to manage their accounts online with a level of sophistication that allows them to easily track how the card is being used. We're pleased to partner with FORUM on such a product."
TMGFS reports having 55,000 accounts and more than $100 million in assets under management.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
