The $620 million Michigan First Credit Union of Lathrop Village is enjoying a burst of new card business – 700 applications a month – from a rewards program stressing statewide tourism and patronage of local businesses.
The Experience Michigan First Rewards Visa program launched in April and has boosted outstandings by $1 million, an unexpected jump on what officials described as heretofore "stagnant" balances over the last 10 years.
"We are shooting for $5 million more by year end," said Linda Douglas, vice president of marketing at the suburban Detroit credit union. Until the start of the rewards venture, card balances was at around $16 million,
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