First, evaluate whether you have a competitive credit card program that will help retain your cardholders. It is easy for a cardholder to make the decision to jump to another offer if you don't offer what is considered a competitive program in today's market. For example, if you don't currently offer your members a platinum credit card with an option for rewards, including the periodic price incented balance transfer promotion, your credit union won't be considered competitive. Platinum and rewards cards have become the standard, and in today's competitive market, it will be very difficult to hold on to the existing accounts without a competitive card program. 

Once you have evaluated your card program and feel confident that you do in fact have a competitive offer in place, consider the following strategies to help increase your existing cardholder's chances to stay aboard and make your card top of wallet.    

1. Meet Your Cardholders' Expectations – Win them over with exceptional customer service! Make sure you are providing timely and accurate responses to their requests. Always provide them with professional and courteous service.
2. Implement a Call Center Retention Strategy – Empower your customer service representatives to be responsive to your cardholder's requests for a payoff or a lower rate.  
3. Regular Credit Line Increase Programs – By awarding your existing cardholders the limits they have earned, based on their card history with you, you will reduce voluntary attrition. Awarding targeted credit line increases greatly enhance your cardholders' loyalty and provides them the increased purchase power they need to help increase balances, volume and usage.
4. Product Upgrades – Why make them ask for the upgrade they have earned? Whether it's to increase their limits, graduate from your student card or go from platinum to signature, don't wait for them to approach you. Go after them before they go elsewhere.
5. Offer Rewards – A rewards program is necessary in today's market. Be assured that it will help increase your cardholders' loyalty and average length of their relationships with you, not to mention increase balances, volume and usage.
6. "Spend and Get" Incentives – Drive your existing cardholders' volume and usage up by providing them the occasional added incentive to use your credit card. For example, you could offer your cardholders double the ScoreCard points for the month of September to encourage increased back to school shopping. 
7. Relationship Pricing – You can easily build loyalty with your existing cardholders by offering lower rates for members who maintain a multiple product relationship with your credit union.     
8. Recurring Payments – Encourage your existing cardholders to setup recurring payments using your credit card. It's not uncommon for your cardholders to use their credit card to pay their utilities, memberships, internet service provider or insurance premiums.   
9. Balance Transfer Promotions – Balance transfers can help your credit union stimulate balance growth. It is very important to offer existing cardholders a periodic balance transfer offer. Today, they expect it!  If you don't, your competition will, and you risk losing your existing cardholders balances.   

There is a lot that you can do to keep your existing cardholders happy and satisfied with their credit card relationship with your credit union. By incorporating these strategies into your regular portfolio management, you can help stimulate your existing cardholders to help drive your portfolio growth and profitability. Remember, your existing cardholders are too valuable not to actively manage them.

Bill Lehman is the SVP, portfolio consulting services with CSCU.