Eight tips to grow your card business.
by. Karen Bankston
Credit cards are among a credit union’s top-yielding assets, with net earnings in the 2.5 to 4 percent range, “well in excess of other loans over the last several years,” says Barney Moore, manager/portfolio consulting services at CUES Supplier member Card Services for Credit Unions, Tampa, Fla.
As intense as the competition is for members’ credit card business, credit unions can typically offer the key benefits of lower rates and fees and better terms. Moore offers these additional recommendations to optimize credit card marketing:
- Develop a compelling offer and campaign theme and then use every available channel to promote it. Credit card promotions merit prominent positions online, and personalized direct mail offers are especially effective if the offer is appealing, Moore says.
- Coordinate with operations, accounting, lending, and the card department to ensure smooth sailing for members responding to the offer, from application through activation and balance transfers.