City Co Federal Credit Union launches credit card start-up with ProDirect® from CSCU; Secures first-place CAMEO win
TAMPA, FL (April 18, 2014) — CSCU (Card Services for Credit Unions) member City Co Federal Credit Union began promoting its credit card start-up program in September 2013, with an introductory rate of 2.99% for one year with no balance transfer fee; and has issued 234 cards and secured more than $800,000 in loan balances as of March 31, 2014. City Co employed a direct mail campaign using ProDirect® from CSCU, a customizable, CARD Act-compliant tool that automatically selects members to receive a direct mail promotion based on customizable parameters.
“Using ProDirect was easy and extremely successful for us. We promoted the card through our member newsletter and had dedicated staff working overtime to ensure applications sat no longer than a half a day. Our members were extremely impressed with our immediate turnaround when issuing cards,” said Cookie Yoder, president and chief executive officer, City Co Federal Credit Union.
Another vital component of City Co’s successful credit card launch was its engagement with Allegheny County to supply cards to county employees, including Yoder’s participation in a two-week long employee benefits fair. The partnership enabled City Co to distribute a promotional flyer along with pay stubs to 7,100 Allegheny County employees. The credit union also took full advantage of the adverse action report by extending modified offers to members who held credit scores lower than the original lending parameters.
“City Co’s success story is a prime example of the partnerships we facilitate between CSCU and our credit unions, with the goal to identify the best suite of products to serve the needs of credit unions and their members,” said Sheba Wallish, director, card services, Pennsylvania Credit Union Association (PCUA). Cookie Yoder is a board member of PCUA.
“By implementing best practices as recommended by our Portfolio Consulting Services (PCS) team, City Co achieved exceptional results for a smaller credit union, proving credit unions with limited resources are completely capable of reaching sizeable goals,” said Kelli Hoy, community sales division manager, CSCU.
Based on its success, City Co Federal Credit Union won a first-place CAMEO (Card Marketing Awards) in the “Penetration under $100 million in assets” category. The awards recognize the most innovative and resourceful marketing campaigns of the year, with CSCU sponsoring the winners to attend its 2014 Solutions Conference in St. Petersburg, Fla., May 14-18.
CSCU is the credit union industry’s advocate, partner and leader in total payment solutions. Created by and for credit unions, we are driven by the same principles that guide the industry. We work exclusively with credit unions to provide a customized, holistic offering that maximizes value for both credit unions and their members. CSCU’s services and offerings are focused on driving the growth and success of our more than 2,600 member credit unions.