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Economy an opportunity to grow card portfolio
FARMERS BRANCH, Texas (9/30/09)--Consumers have cut their spending given a slower economy, but credit unions have grown their card balances and acquired new cardholders, according to the Texas Credit Union League. Recent card promotions developed and initiated by TNB Card Services brought in more than $11 million for credit unions and generated hundreds of new cardholders (LoneStar Leaguer Sept. 29). TNB Card Services, a division of Town North Bank, partners with credit unions to provide credit card portfolio services, debit programs and electronic payment solutions. One of TNB’s promotions, Tax Time Convenience Checks, generated $574,000 in new card balances for participating credit unions. The average check amount was $1,019. One participating credit union, Fort Worth (Texas) Community CU, generated more than $170,000 in new balances. “There was so much noise in the media about credit cards this spring that it made our members pay attention to our offer,” said Rochelle Drake, vice president of marketing. “We brought in $50,000 more than a similar promotion the year before.” Credit unions also generated more than $10 million in new card balances, with an average transfer of $3,490. The promotions indicate that credit unions can grow their card programs, even if the economy is not growing and consumer spending is down, said Mark Fenner, TNB senior vice president. TNB provides credit unions with promotional materials. TNB also manages the implementation of the promotion and reports the results back to the credit union so it can focus on serving members, Fenner added.


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