The decorations have been packed away. The leftovers are gone. All that is left of Christmas 2020 are the memories… and the credit card statements rolling into mailboxes one by one.
According to a pre-holiday survey by CreditCards.com more than half of cardholders who already carry credit card debt (57%) said they would add to it for the holidays. With an average APR of more than 16% – and 78% of cardholders saying they wouldn’t be able to pay off their balance in full after the holidays – opportunities abound to create a win/win situation for your credit union and members.
In fact, according to MagnifyMoney, 40% of those people are going to be consolidating debt or searching for a balance transfer option to help undo the financial damage they’ve inflicted on themselves through the holidays.
Beware: Yours is not the only financial institution with this marketing intel. Those same credit card companies (like Chase, Citi and Capital One) have already launched their 0% interest promotions, so how can you compete? Here are a few tips:
continue reading »