While the majority of credit union members may not be considered part of the “mass affluent,” what Visa and Mastercard define as those earning $100,000 and up, most CUs have pockets of wealthy members, says Kenton Potterton, VP/solutions and consulting at CUES Supplier member PSCU, St. Petersburg, Fla.
These may be some of your best members, those who have larger mortgages, business loans or are using your credit union as their primary financial institution.
If you are looking to attract the affluent to your credit union’s card programs or entice current wealthy members to do more with you, try these nine tips:
- Be selective: Know who it is you’re trying to attract.
- Be thoughtful in your product design and appeal.
- Expect this segment to ask, “What’s in it for me?”
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