Summary: Over 70 percent of people in the United States have at least one credit card. With the numerous offers and steep competition, how does your credit union's card stand out in the crowd? Set your credit union's card program up for success with these tips.
The number of people that use cash is on the decline, and with a majority of Americans owning at least one credit card, it is essential for credit unions to position themselves as leaders in the card industry. Here are four areas to consider to ensure your credit union is offering a program your members are looking for.
Trillions of dollars in credit card transactions occur every year. Due to the prevalent practice of using credit cards, it is vital your credit union is offering a card that is convenient for your members to use. Acceptance is an important feature to consider when selecting a card program. Whether your members are shopping locally or would like to take their card on vacation with them, an extensive network is important.
This is why Member Access Pacific (MAP) has chosen to partner with Visa. Visa operates in over 200 countries and territories, making it a convenient choice for your members. In addition to global acceptance, access to account information is also a critical convenience factor. The Mobile Payment app not only allows members to make payments but also view and manage their account information.
In the competitive credit card market, offering a card with rewards will help your program appeal to current members as well as attract new members. In fact, 86 percent of credit card users have some type of rewards.
MAP’s reward program utilizes Augeo Dream Points where cardholders receive points for everyday purchases. These points can then be redeemed for anything from gift cards to travel.
Security is an area that can make or break your credit card program. Along with damaging your member’s trust, fraud can also negatively impact your card portfolio. Ensuring your credit union is using the latest technology in security from EMV to risk management solutions will help you position yourself as a leader.
Risk management and fraud detection are one of MAP’s areas of expertise. Our services range from suspicious activity reporting to network fraud detection support. MAP’s fraud detection team will work with your credit union to tailor a program that meets the unique needs of your membership.
You cannot position yourself as a leader in the credit card industry without the proper marketing. Your members cannot use your cards if they do not know about it. At MAP, we understand that not all credit unions have the bandwidth to dedicate a lot of resources to marketing their program. This is why we offer turn-key and customizable programs with pre-designed collateral pieces in addition to marketing automation solutions.
Contact MAP today to learn more about our credit card solutions and how you can strengthen your program.