Credit card programs are one of many areas where the credit union difference shines. Credit unions generally have lower interest rates and a responsible reputation, based on the comparatively low industry delinquency and charge-off rates reported by CUNA. It’s no wonder the credit union share of the market of revolving credit has almost doubled in the past decade (Federal Reserve’s G.19 Report).
Has your credit union been part of this growth? Whether it has or not, taking time to regularly review and update your credit program can make the difference for you and your members. Here are three ways to enhance your credit card program and attract higher participation.
Start pumping up your strategy with customized programs. Investigate possibilities like cash-back or charitable donation redemptions. Develop relationships with local merchants that offer redemption options. Look at travel rewards, which may offer options beyond traditional credits, including free travel accident insurance and other perks like airport lounge access, late hotel checkout, and more.
Review how you manage your programs. Do you set firm dates for promotions? Deadlines encourage members to take action.
Achieve better focus by creating an annual marketing calendar. To reach new age demographics, concentrate on digital marketing efforts. By including financial tips and news on your website, you can reinforce your credit union’s reputation as a valuable resource. Keep your members updated with emails that address their specific needs. Many platforms exist that can help you gain insights into members’ interests and send them relevant messages.
Sources: CUInsight and Phil Seely
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