TECU Credit Union Markets to Generation Y; Doubles New Accounts Year Over Year
TAMPA, FL (May 29, 2013) CSCU (Card Services for Credit Unions) member TECU Credit Union of Wichita, KS announces The Care Card, a credit card strategically targeted to its Generation Y membership, which enables cardholders to turn rewards points into charitable donations through CSCU’s ScoreCard® rewards program. Since offering The Care Card, TECU has more than doubled new credit card accounts year over year, and grown total outstanding balances by almost 18%, which includes a net sales volume increase of 17.7% leading to increased interchange revenue for TECU.
“We realized our Generation Y members are passionate about giving back to their communities, which aligns well with credit unions’ purpose, and so the idea of The Care Card just made sense,” said Kelly Martin, AVP of Operations, TECU Credit Union. “Our goals were to entice our current cardholders to use the card as well as capture the Generation Y audience and make The Care Card top of wallet for them.”
After identifying the opportunity to turn users of its indirect lending program into direct credit union members, TECU’s strategy involved lowering the credit card interest rate and appealing to the age group’s interest in philanthropy by giving cardholders the option to redeem rewards points as charitable donations. ScoreCard offers the capability for members to purchase gift cards that can be donated as funds to any charity of their choice through the Charity Choice website.
“The Care Card redemption option is one of the valuable offerings available with the ScoreCard rewards program. TECU effectively used this tool to strengthen member loyalty by giving cardholders a seamless way to support any charity, cause or organization to which they have a connection,” said Chris O’Leary, VP of Sales, CSCU.
“The Care Card concept allowed us to refresh our brand to attract new members, while not alienating our longtime members,” added Jenny Boyd, Marketing, TECU Credit Union.
For more information on ScoreCard, visit www.cscu.net/scorecard.
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.