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Tout consumer-friendly card pricing says white paper
MADISON, Wis. (7/17/09)--As many banks are forced to retool their business models because of recently passed legislation that limits certain predatory lending practices, credit unions should tout their continued use of consumer-friendly credit card pricing, says a new CUNA Lending Council white paper. “Credit Cards: Strategies for Managing Your Program Actively and Structuring it for Success” examines various ways that credit unions can structure and manage a credit card program for success. The paper discusses active management and proper program structure, card program enhancements, marketing, fraud prevention, cost containment and industry trends. It also includes a review of new credit card laws and regulations and four credit union case studies of successful credit card programs. “Credit union management must make their card programs core products if they are to succeed,” said Lloyd Gill, lending council chair and executive vice president of City County CU in Ft. Lauderdale, Fla. “By structuring their credit card programs correctly, credit unions can add features and benefits that enable them to compete effectively in the market.” In the paper, Bob Hackney, president of Card Services for Credit Unions in Clearwater, Fla., said: “Most credit unions are concerned with minimizing expenses and losses right now, but it’s still important to focus on driving revenue. Focus on doing portfolio reviews, revalidating credit limits, and setting appropriate rates based on a risk-based lending model, rather than on doing new solicitations.” For more information, use the link.
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