SEATTLE — BECU, formerly the Boeing Employees Credit Union, has seen a high level of success from its effort to improve its formerly flat credit card portfolio, according to PSCU Financial Services, the payment processing CUSO that helped the CU make the change.
In 2005, the then $6.14 billion CU evaluated its card portfolio and found it flat and uninspiring to its members, according to PSCU and the credit union. The CU then set a goal of increasing its portfolio balances from $268 million to $500 million, almost a doubling and the now $7.6 billion CU has seen its card portfolio increase to $430 million in balances.
“We had a plain vanilla credit card portfolio and growth had been flat for years. Doubling our portfolio in 28 months seemed like quite a stretch,” said BECU Credit Card Product Manager Nancy Davis.
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