South Carolina CU Boosts Outstanding Balances

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South Carolina FCU reported it boosted outstanding credit balances by $6.5 million in the fourth quarter of 2005 with a rewards-based Platinum promotion created by PSCU Financial Services, St. Petersburg, Fla. Instead of low introductory interest rates, the credit union decided to use CURewards points to attract attention, according to VP-Marketing Scott Blue. Cardholders earned 3,000 points for their first purchase, double points for external balance transfers and 5,000 points for using another credit union product for the first time, including car or mortgage loans and checking. The promotion, which ran during the fourth quarter of 2005, resulted in 1,521 new accounts, of which 842 represented existing members who did not have a credit union credit card, while 624 cards were member upgrades. The promotion also attracted 55 new members. According to PSCU-FS, those accountholders transferred $1.7 million from other institutions, doubling the credit union's goal of $830,000. Outstanding balances rose by $6.5 million during the quarter, an impressive increase of 9.4%.

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