3 minutes
3 features of the best credit card programs for your credit union and its members.
Sponsored by LSC
Did you know that average consumers carry four credit cards in their wallets, yet only 60 percent of credit unions currently offer a credit card?
To thrive in the increasingly competitive financial services industry, credit unions are continuously looking for a variety of quality product offerings to build longer, more successful relationships with their members. Offering a premium credit card program is an excellent way for your credit union to generate revenue and be more relevant to members.
With so many options, it’s hard to know how to find a card program that is not only low risk and cost efficient for your credit union, but also offers the greatest benefits to your members. That’s why we’ve come up with three essential steps to finding the best credit card program for your credit union:
1. Look for a card with top-of-the-line security features. Consumers rank security as the No. 1 feature they look for when choosing a credit card. Concerned about the risk to your CU associated with credit card fraud? Choose a card provider that absorbs that risk, like EZ Launch by LSC.
2. Offer low APR and no annual fee. With so many credit cards to choose from, consumers are shopping around for low-cost options. Offering a program that can help your members save will make your credit card much more attractive than your competitor’s.
3. Don’t forget a great rewards program. After security, this is the feature most consumers are looking for when choosing a credit card. Weigh your options when it comes to rewards, and don’t think that you need to sacrifice program affordability for a quality rewards program. EZ Launch by LSC has no start-up fees and provides free marketing materials for your branch and website, but still offers an attractive rewards program for your members.
No card program is one-size fits all. You know your membership better than anyone, so look for a program that can help you do the best possible job of helping your members.
Phil Seely is the senior director of portfolio development for LSC. He has been working with credit unions for over 15 years in various aspects of cards including portfolio growth, fraud and chargeback, reward analysis and client relations. Seely manages a team at LSC designed specifically to help credit unions across the country grow their card programs through data analytics and promotions. He is motivated by helping credit unions maximize the potential of their card programs, so they can provide helpful financial opportunities to their members.
Interested in starting a new credit card program or switching from your current provider? Try EZ Launch by LSC. At LSC, it is our mission to provide not only the best products, but unparalleled service to you and your members. Call 800.942.7124 or email us to find out how EZ Launch by LSC can help your credit union succeed today.
You might also like to read “Six Practices for a Successful Credit Card Rewards Program,” also by Seely.
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