Credit unions see an average of 7% year-over-year growth in their credit card portfolio revenue. That’s not bad, but it’s also not great. The issue isn’t necessarily that credit unions don’t have strategies in place to increase their card portfolio. They do. There are marketing initiatives, competitive rates, rewards features, and so much more. Nevertheless, more can be done. And, if you want your credit union to capture top-of-wallet revenue, more has to be done. The following five strategies are tried and true, and have helped over a hundred credit unions grow their credit card portfolios by an average of 19% per year. Fair warning: these are easier said than done.
Credit Line Increases
On average, about 60% of a credit union’s cardholder accounts qualify for a credit increase. If you haven’t run a credit line increase in a few years, that percentage is even higher. That presents a lot of opportunity!