Does your credit union have an affluent membership?
Mastercard defines the “mass affluent” consumer as those who earn $100,000-plus in individual income or households earning $350,000 or more. Visa has a $100,000 floor, with the “mass affluent” cardholder earning as much as $150,000.
This group is one of the fastest-growing, most influential credit card segments in the United States, comprised of those who spend massive amounts via a premium card, an average of $18,000 annually—but virtually never carry a balance. “More striking is that growth for all credit card spend in the U.S. is accelerating towards premium card usage,” says Kenton Potterton, VP/solutions and consulting at CUES Supplier member PSCU, St. Petersburg, Fla.
But how can you woo them to your credit union’s cards?