TAMPA, Fla. (6/12/13)--TECU CU, Wichita, Kan., offers a credit card with an option for charitable donations targeted to its Generation Y membership.
"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, TECU CU assistant vice president of operations. "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."
Holders of the The Care Card can turn rewards points into charitable donations through Card Services for Credit Union'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 nearly 18%, creating increased interchange revenue for TECU.
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.