PORTLAND, Ore. — Credit unions that have sold their credit card portfolios are, in general, not very satisfied with their decision to have done so.
A new survey from AssetExchange, which advises on credit union card portfolio sales, said the survey found a "contradition persists regarding selling: sellers generally do not regret selling but are also not particularly happy with their buyer. Disasisfaction was expressed regarding products (43%), pricing (67%), and service (71%). Just 46% said they would recommend their buyer.
The survey, the third such annual research done by Asset Exchange, also found that about half of the credit union that have sold their portfolios continue to consider changing their arrangement when their contacts expire. The survey found 19% are considering re-starting their own portfolios, while 48% are considering evaluating new partners.
AssetExchange reported that growth among buyer-managed portfolios has slightly slowed; 20% of such portfolios have shrunk, while 24% showed no growth.
Finally, the survey found that a majority of credit unions believe that the products offered by the acquiring company are superior to their own, but that figure has dropped to 65% in the latest poll, down from 76% in previous surveys.
"This may reflect the advances that their peer credit unions have made with improving their products, for example, by adding more products and rewards," the company said.
