Your members expect a great deal from the issuer of their debit and credit cards. Your credit union core system should allow your card products to have the features members have come to expect, including access to transaction data, payment history, and remote controls for cards to manage status. They want this all done seamlessly through both your internet banking portal and your mobile app. As you enable these features through integration with your core, there are additional benefits that card management should be bringing your members and your credit union. Features that make the management of your card products more efficient. Here are 5 items your credit card management system should be doing for you:
1. Promotional teaser rates: Teaser rates are a great way to get new business. They are practically everywhere in the credit card marketplace and can be a great way to promote your credit union card products. Members will benefit from balance transfers and consolidation of high rate cards products from banks, making your teaser rate campaign a win-win.
2. Customizable annual fees: No two credit cards are the same. Some have airline rewards, some have better interest rates, some provide cash back bonuses. Attracting new business to each card type will have varying tactics based on their target markets. Based on your costs, some cards warrant an annual fee, while some are better suited with no fee. Your card management program should allow you to customize these options.continue reading »