Granting one person the responsibility and authority to manage a credit union's card program can provide the control and attention the program needs to take off, according to PSCU's card portfolio consultancy, Advisors Plus.

The St. Petersburg, Fla.-based CUSO documented the impact of that strategy in a case study on the success of the $1.6 billion, 148,000-member ORNL Federal Credit Union, where credit card balances climbed 63% after a single manager began overseeing the program.

The Oak Ridge, Tenn.-based cooperative also saw the number of its credit card accounts almost double since adopting a single manager strategy in 2012, moving from 13,000 accounts at the end of 2012 to 25,000 accounts as of June 2015, according to the NCUA's records.

“Empowered portfolio managers manage card portfolios by creating 360-degree visions for their credit unions that cut across departmental lines to break down organizational silos and allow for seamless collaboration across all functions and channels,” PSCU wrote in the study. “This approach results in product offerings that are uniquely personalized and aligned to meet member product and service needs.”

ORNL Credit Card Manager Zain Hashmi had been an underwriter at the credit union since 2001, and said while he lacked direct experience managing credit cards, he was familiar with credit card risk and had some very specific ideas for the kind of credit card he believed the cooperative's members would need.

“I had been a regular user of the credit card for some time, and I knew the kind of card I wanted to have and thought other members would want to have that too,” Hashmi said.

Hashmi explained he favors a “no strings attached” credit card, meaning it wouldn't carry a variety of fees or high interest rates. So, despite carrying a rewards program, the ORNL Visa Platinum does not include an annual fee or balance transfer fee, Hashmi explained.

In addition, because he believed credit union members wanted a credit card they would eventually pay off, ORNL increased the minimum payment for the card from 1.5% of the balance to 3% of the balance.

“I believed members would agree with me that they want to pay off the credit card one day and not just keep making payments forever,” Hashmi said.

Hashmi worked with Advisors Plus to create a series of turnkey marketing programs in 2011 and 2012 that would help both promote and grow the card, and give him more experience in card marketing.

“I knew what I wanted to do, but I was not sure how to do it,” he added.

Read more about how Zain Hashmi tailored marketing programs to draw strong credit card results in the August 5, 2015 print issue of CU Times.