Cardholder retention efforts spring to life the moment a member signs on for a credit card with your credit union. Great member service, timely communications and strategic card initiatives lead to enduring and profitable relationships built on confidence, trust and loyalty.
Interested in gauging your credit union’s cardholder retention rate? Here’s a simple calculation:
(Number of Cardholders at the End of the Period – Number of Cardholders Acquired During the Period) ÷ (Number of Cardholders at the Start of the Period) x 100
Your cardholder retention rate reveals how well you’re engaging cardholders and providing value for your members. If it’s at 100 percent, then keep doing what you’re doing. If it’s lower than 95 percent, there’s work to do. Here are four tactics that collectively support a card retention strategy that builds loyalty, reduces attrition, increases retention rate and grows member profitability.
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