TAMPA, Fla. — Suncoast Schools FCU is launching a credit card participation program called Credit Cards for Members that allows other credit unions to offer a turn-key, full-service credit card program administered by the $5.4 billion credit union.
Suncoast said this allows credit unions that wouldn't normally be in a position to offer a competitive credit card line to do so, including fraud protection, electronic reports, reward points or cash back and more. Partnering credit unions will have access to branded cards, revenue sharing, as well as the option to buy back the portfolio, working with another credit union, instead of a vendor.
Prior to rolling this program out to other credit unions, Suncoast teamed up with PBC CU, West Palm Beach, Fla., to help the $114 million credit union launch its cards program. Since April, PBC has opened more than 500 VISA accounts through the partnership.
"This program embodies the credit union philosophy of helping members and allows us to work with credit unions who do not have the infrastructure to provide credit card services to their members," said Jon Rasmussen, vice president of card services at Suncoast Schools FCU.
