DALLAS — Contrary to some perceptions, Mark Fenner, SVP with TNB Card Services is projecting 2009 will be the Year of the Plastic for credit unions. "In the clients that we service, we're seeing credit card growth year over year," Fenner said, noting that growth to be close to 7%, with attrition down 8%.
Fenner said CUs need to focus more on marketing their cards to consumers.
"Credit unions aren't traditionally known as aggressive marketers," he noted, a view shared by others (see related stories). "But I think the advantage credit unions have is the tighter relationships they have with their members. They can educate members on their card compared to what they are seeing in market. This is a great opportunity for credit unions to show these consumers an alternative, and educate their members."
Fenner said credit unions should "get the word out" on reasonable rates, reasonable fees and the uniqueness of their card offerings.
TNB manages more than 2 million cards.
