Two Florida credit unions, Pen Air FCU and Gulf Winds FCU, both of Pensacola, are on opposite sides when it comes to grappling with card rewards in the face of the coming cap on interchange fees and the impact of overdraft regulation.
The $383 million Gulf Winds is halting its Visa debit card rewards program July 31, warning members on its website that potential undue expense has crippled the offering of such programs and suggesting free checking could be in jeopardy, too.
But in a counter move seen by outsiders as a clever way to garner market share, the $1 billion Pen Air has introduced a new point-based rewards program covering a full product line, including checking, savings and loans.
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