SHREWSBURY, N.J. — Credit unions must stay in the credit card business. That message came through loud and clear from voters in Credit Union Times' online voting poll.
Credit unions that sell their portfolios point to the inability to compete with the big card issuers on rates, rewards, and volume of direct mail solicitation.
But there has been a push by credit union card firms to give credit unions more tools to offer attractive cards. Proponents of credit unions staying in the game say selling off a card portfolio gives the acquiring banks a direct line to market other products to members, and puts member service in the hands of the card company.
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The question and results of the expired poll are as follows: With mounting fraud and intense competition, should credit unions stay in the credit card business?
o Yes
69.92%
o No
24.3%
o Not Sure
5.78% Total Votes: 1,177 –[email protected]
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