Dynamic Credit Card Programs Can Help You Grow

We read about and hear it more and more: Regulatory changes, cost compression and competition are forcing financial institutions to seek new avenues for revenue generation. But do any untapped opportunities for generating new revenue actually exist?

It’s somewhat axiomatic, but payments really do pay. In particular, credit card programs can pay significant benefits to your institution, from generating new income streams and increasing cardholder loyalty to capturing new markets.

Credit an uptick in the economy with a steady increase in card usage. Many consumers seem ready to ramp up spending and reach for their credit cards. For credit unions ready to expand payments programs – and put historically high credit loss levels and declining portfolio profitability in the rearview mirror – this is all good news. A new study from Raddon reveals overall credit card transactions and balances are trending upward, with nearly 40% of our everyday spend now captured on credit cards.