Squeeze the most from your card portfolio, not your best members
Clients appreciate GoCUCards’ no-nonsense, numbers-driving style
LAKE FOREST, IL (June 7, 2017) — Lost income opportunities mean less money to invest back into your members, so join GoCUCards’ Founder Ondine Irving for a journey through card portfolio income and expense management during an in-depth webcast on July 26, aptly titled, “Managing Income and Expense of Your Credit Card Portfolio.”
The three main sources of credit card program income should be approximately 70% finance charges, 15% interchange income, and 15% fee income, according to Irving. Fee income, in particular, is a line that credit unions are not ensuring they’re receiving their due, as numerous discrepancies exist between what a credit union should be making based upon its policies and the revenue it’s actually earning. “I strongly suggest that credit union card portfolio managers review all the program system parameters to determine where and why discrepancies exist,” Irving said. “Changing regulations following the CARD Act have required credit unions to change fee structures but the parameters have not been reviewed and reset.”
She added, credit unions rarely reach 15% on their fee income. Following the CARD Act, credit unions have neglected to review late-fee parameters to account for possible new risks, over-the-limit parameters have not been adjusted, and more! A 30-year veteran of credit union card portfolio management, Irving will walk you through all of this in detail during the two-and-a-half-hour webcast workshop.
Credit unions should expect their credit card programs to generate a minimum annual net income of $75 per account. Ondine has plenty more advice on the expense side of the ledger, too, like how to audit your vendor invoice, assessing added features and rewards programs, and properly managing blocked accounts.
Sign up for the July 26 webcast, “Managing Income and Expense of Your Credit Card Portfolio,” and you’ll learn to earn far more than the $249 per credit union price tag.One credit union vice president who attended GoCUCards’ last webcast said, “Your webinar today was great! It was a very good refresher and I picked up some new things also!” Another card services director added, “I always enjoy your practical insights.”
About GoCUCards
GoCUCards is the credit union industry pioneer for credit card management. Since 2003, founder and credit card expert Ondine Irving is the leading program advocate for credit unions nationwide. Educating over 1,200 employees and working with over 800 credit unions nationally, credit unions can access unbiased information to support the financial, operational and marketing aspects of the credit card portfolio performance. In addition to the School of Credit Card Program Management, GoCUCards offers Credit Card Portfolio Evaluations, an online member forum, onsite consulting, and webcasts to support both credit unions and consumers.
