PORTLAND, Ore. — A few years ago many credit unions were questioning whether they could compete in the credit card market. A look at first quarter 2007 data shows they clearly can.
"There seems to be something of a reversal of fortune with credit unions with regards to their credit cards. Five or six years ago it was pretty flat, not performing well, not keeping up with the rest of the market. Now they are growing rather nicely," said Frank Selker, president of AssetExchange, a card portfolio advisory and brokerage firm.
Analysis of portfolios of $1 million and larger in the first quarter show the average balance per account has grown nearly 10% to $2,200 from March 2006 to March 2007. Total card assets increased from $22.4 billion to $25.3 billion during the same period.
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