The best ones offer young people spending power, security and a linked mobile app. By Bart Scott Sponsored by LSC
Daily life is a balancing act for younger members trying to launch a career and maintain some semblance of a social life. Simplifying the infinite details helps. That includes finances and keeping track of spending. Credit unions can offer the solution.
The Tool for Trailblazers
Millennials are doing it their own way – creating paths where there weren’t any. That requires focus, and not worrying about little distractions. Imagine your member’s day consists of getting up early to make a coffee stop before one meeting, ordering an Uber to get to the next one, and somehow figuring out lunch on the run. Keeping track of cash and debit cards is a concern they could do without. A prepaid debit card is a perfect solution for younger members to keep finances and daily spending simple and organized. It only takes a couple minutes to load whatever amount your members need to get through the day, week, etc. That’s it. They can lighten their wallet by carrying one simple card.
No Stigma – Just a Smarter Choice
Yes, there has been some stigma in the past that prepaid cards were only for consumers with no or less-than-pristine credit. Not anymore. Prepaid cards are the smart spending solution. One simple, secure card accepted everywhere. Plus, they’re a great budgeting tool – members can only spend what’s on it, with zero chance of accidentally overdrawing an account. They can be a big help for busy users who don’t have time to constantly check balances. Plus prepaid cards are not linked to your members' deposit accounts. No one can gain access to your members' other funds or personal information if a prepaid card is lost or stolen. Drop a $20 in the street, it’s gone. Forget a credit card on the table – shudder to think the damage that can be done in a short window before you even realize it’s gone. Prepaid cards mean safe spending for fast-paced lifestyles.
Mobility and Security
Some cards, like the CUMONEY® Everyday Spend, even offer free companion mobile apps so users can monitor what they’ve spent and where, sitting in that Uber or waiting for that latte. They’re the choice of on-the-go forward-thinkers, ruling out inconvenient “what-ifs.” Security, spending power, and mobile capability –prepaid debit cards are everything Millennials want to meet their day with confidence, and enjoy their nights without worry.
Bart Scott is marketing communications coordinator for LSC, the Illinois Credit Union League service corporation.
CUES Symposium: A CEO/Chairman Exchange will feature the session, "When Millennials Take Over: What it Takes to Attract the Future of your Members and Employees." The event will take place Jan. 31-Feb. 4 in Maui.
CUES School of Payments will be held April 19-20 in Chicago.
