Credit unions are seeing an uptick in credit card usage this year, executives say.
CSCU picks 28 stand-outs from 104 credit union marketing campaign entries.
Retailers remove consumer ability to process transactions with a signature.
Experts estimate fewer than 50% of card-issuing credit unions will have EMV-equipped credit and debit cards ready by October 2015.
More than half of credit unions will miss a key October 2015 deadline that requires credit cards to be equipped with EMV chips, processors said.
Payment processors say CUs are behind pace to upgrade to EMV chips by October 2015 and may face fraud loss liability.
Despite widespread recognition of their importance to an overall loan portfolio, credit cards remain far too mysterious to far too many credit unions, according to consultants that work with credit unions on credit card management.
Just when it might become more important than ever to be able to track the interchange that debit transactions generate for credit unions, many, if not most, may have not begun to uncover their debit programs’ bottom lines.
Awareness and ownership, risk vs. reward and know thy members. All this can pay off in the card portfolio, these experts say.
Card management consultants working with a payment processing CUSO and association are working to convince credit unions to look more deeply into their card members data to help the credit unions improve their card portfolio management decisions.