More Findings from the Discover Survey
SALT LAKE CITY-Discover Financial Services conducted a study that the firm says demonstrates the importance of offering a credit and debit card program. Among the findings:
• No annual fee is the biggest reason members apply for a CU credit card.
• Credit union members are significantly more likely than non-CU customers to actively reduce their number of financial cards.
• A large shift is taking place among CU credit card holders, moving from a revolver to a "transactor" behavior.
• CUs should have no trouble driving their cards to top-of-wallet with messaging focused on fraud protection and customer service.
• Credit unions have a high percentage of ATM/PIN-only cards. There is opportunity for CUs to increase transaction volume by offering dual-function debit, and not just PIN debit.