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NAFCU Goes With AMEX

WASHINGTON - NAFCU Services Corporation has chosen American Express as its preferred partner for prepaid cards. The preferred partner arrangement will allow member credit unions to offer their members the company's gift cards at preferred affinity rates. "Many credit unions are beginning to offer prepaid cards such as gift cards...

By Staff Writer | Updated on August 31, 2004

WASHINGTON – NAFCU Services Corporation has chosen American Express as its preferred partner for prepaid cards. The preferred partner arrangement will allow member credit unions to offer their members the company’s gift cards at preferred affinity rates. “Many credit unions are beginning to offer prepaid cards such as gift cards and travel funds cards. These cards are increasing in demand and growing at phenomenal rates each year,” explains NSC President and CEO, Keith Nolan. “In 2003 approximately $45 billion was spent on gift cards alone and this is projected to increase to over $200 billion in just a few years. This product sector offers a tremendous opportunity for NSC and NAFCU’s member credit unions.” It is essential that credit unions have the option to offer both preloaded one-time gift cards as well as reloadable prepaid cards to their credit union members to meet the rapidly growing consumer demand. According to Tower Group, the prepaid card business is expected to reach $347 billion by 2007.

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