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Credit Unions Have Good Story to Tell on Card Front

Any doom and gloom predictions about credit unions not having the ability to compete in the credit card market aren't looking so good right now.

By Staff Writer | Updated on May 29, 2007

PORTLAND, Ore. — Any doom and gloom predictions about credit unions not having the ability to compete in the credit card market aren’t looking so good right now.

First quarter 2007 data show credit union card portfolios are growing about twice as fast as the market as a whole. “There was a period of time when big issuers were getting ahead of credit unions with rewards, and features that credit unions were not matching. In the last few years, credit unions have been adding those features and are matching the big issuers,” said Frank Selker, president of AssetExchange, a card portfolio advisory and brokerage firm.

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