Press
Scenic Falls Federal Credit Union re-enters credit card business, exceeds CSCU peer averages in new and active accounts
TAMPA, FL (November 8, 2013) — One year after reintroducing its credit card portfolio, CSCU (Card Services for Credit Unions) member Scenic Falls Federal Credit Union of Idaho Falls, ID has added 641 new accounts and met its credit line goal before the projected date. Of the new accounts, 82% are active, exceeding the CSCU peer average of 70%; and 77% of the active accounts are revolving, above the CSCU peer average of 67%.
“We are in the same boat as many credit unions who sold their portfolios years ago because of economic pressures and are now getting back into the business,” said Mary Taylor, vice president, Scenic Falls Federal Credit Union. “We have successfully penetrated our membership by offering a desirable card and solidifying quality accounts, with delinquencies being close to zero.”
To successfully relaunch its credit card, Scenic Falls ensured complete product knowledge and awareness among employees, and offered monetary incentives for employees landing new accounts. Scenic Falls promoted its “best rate” of five percent off the member’s approved rate on balance transfers for six billing cycles. Scenic Falls also attributes its success to support received from all areas of the credit union, from the customer support call center to its drive-through tellers.
Taylor added, “They say you can’t cross sell in the drive-through, but we proved that wrong.”
Scenic Falls utilized multiple mediums to promote the credit card: in its lobby; in the member newsletter; through a promotional message printed on banking receipts to encourage applications; and by cross-selling the card along with pre-approvals on all in-house loans. Scenic Falls is now shifting its focus to driving more usage by offering double rewards on gas, groceries and eateries using CSCU’s ScoreCard® rewards program.
“We are seeing a surge of credit unions re-entering the credit card space after being forced to sell their portfolios five years or so ago due to the economy,” said Dean Knudtson, senior portfolio consultant, CSCU. “Scenic Falls has done all the right things to penetrate and encourage activation and usage among members, as evidenced by their overwhelming success in the first year alone.”
About CSCU
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.