Many credit unions are right now creating strategies and evaluating tactics for attracting underserved consumers to their institutions. Some of them have found cards a useful tool in this effort, but more might consider the possibilities cards offer in this effort.

It's not difficult to understand why credit unions have begun reaching out to underserved consumers. Similar efforts have been part of CU history for years, and when you consider that the market represents $29 billion annually–one estimate of how much money underserved Americans are spending each year on nonbank and subprime financial services, the reasoning becomes compelling.

Money orders and check cashing make up the majority of what underserved consumer spend, and quite often, consumers without a traditional banking relationship are laying out exorbitant amounts of money to access these services. Affordable alternatives are vital to meet the needs of the underserved, and providing them is fundamental to the credit union movement. Cards provide one of those alternatives.