ST. LOUIS — Data is steadily rolling in that demonstrates credit unions with flat or underperforming credit card portfolios can breathe more life into their card programs with the addition of a little Platinum.
The latest example comes from the $175 million Neighbors Credit Union, headquartered in St. Louis, which reported boosting the outstanding balances of its roughly 6,000 card credit card portfolio by converting most of its Classic and Gold Visa branded cards to a Platinum card program and by implementing a rewards program, according to PSCU Financial Services, the card processing CUSO which helped the CU make the switch and offered the rewards program.
The CU began offering the rewards option after implementing risk-based pricing, which allowed it to offer its most reliable cardholders interest rates as low as 7.95%, PSCU said.
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