WATERFORD, Mich. — Roughly six years after selling it credit card portfolio to Bank of America's FIA Card Services (then MBNA) the $121 million BestSource Credit Union has declined to renew its contract with FIA and gotten back into the business of issuing.
“I don't want to say anything bad about FIA or make this seem like it was all MBNA's fault,” said Tansley Stearns, vice president for Sales and Service, “because it wasn't. We just never could get the relationship to be what we thought it would be when we signed the deal and so when the time came to renew the contract we declined,” she explained.
Since June 1st the credit union has been offering its 16,000 members the CU's brand new Platinum Visa Card with a 3.95% introductory annual rate for six months followed by a low fixed rate. The credit union is processing its new card accounts with Pemco Technologies and the cards carry Pemco's rewards program as well.
Stearns explained that the credit union had not really had any one reason to sell the card portfolio when it did in 2001, but said that for where the credit union had been financially at the time, the decision had seemed like the best one to take.
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