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Co Op And Tmg Advise Active Marketing Of Credit Cards To Capitalize On Renewed Consumer Interest W

CO-OP AND TMG ADVISE ACTIVE MARKETING OF CREDIT CARDS TO CAPITALIZE ON RENEWED CONSUMER INTEREST Webinar on 2013 Credit/Debit Outlook to be Held on March 20


2/26/2013
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Webinar on 2013 Credit/Debit Outlook to be Held on March 20

RANCHO CUCAMONGA, Calif. (February 26, 2013) - CO-OP Financial Services and The Members Group (TMG) are advising credit unions to aggressively market their credit cards to members as consumer indicators suggest a renewed strong interest in credit in 2013.  

The two companies are partners in providing credit card transaction processing programs and other payment solutions to the credit union industry. 

"We are seeing renewed momentum for credit card usage," said Shazia Manus, CEO of TMG. "Balances are going up, credit lines are increasing, and so credit unions should be consistently marketing their credit cards to their members to remain competitive financial service providers."

 "Credit and debit transactions drive non-interest revenue at credit unions," said Stan Hollen, President/CEO, of CO-OP Financial Services. "If we focus on a few key priorities, credit unions can grow both debit and credit in 2013. As consumers look to deepen card usage, we can strengthen member relations by providing the convenience of these payment options." 

Credit Spending Is Up!

CO-OP Financial Services, with the participation of TMG, will be hosting a webinar on the outlook for debit and credit in 2013. The event will take place on Wednesday, March 20, at 12:30 p.m. Pacific time. Details are available at www.co-opfs.org/events.

Findings to be presented at the webinar include:

  • According to TRK Advisors, consumers racked up $53.5 billion in credit card debt in 2012 - five times what they accumulated in 2010.
  • Credit union card balances are up 4.6 percent since November 2011, according to CUNA Mutual Group, compared to growth of only 0.4 percent for the rest of the market.
  • TRK Advisors reports that charge-offs are declining and are now less than 3 percent.
  • Managing risk continues to be a challenge, but as the economy improves, so does the credit outlook for consumers.

The Growing Market for Credit

How can credit unions on capitalize on the growing market for credit? CO-OP Financial Services and TMG are advising their clients:

  • Increasing credit lines is a clear option. Responsible credit users may be trying to keep their usage under 30 percent of their total lines of credit. If that's the case, a line increase may be useful even for cardholders who aren't approaching their limits.
  • Adding products that address credit-bruised consumers is a classic approach for credit unions.
  • If debit and credit together make for an attractive primary financial institution, promote credit to debit card holders and checking accounts to credit cardholders.
  • If you have great credit card programs, you can win business with balance transfer offers.

For more information on the March 20, 2013, CO-OP Financial Services 2013 Credit/Debit Outlook webinar, visit www.co-opfs.org/events.

About CO-OP Financial Services

Based in Rancho Cucamonga, Calif., and founded in 1981, CO-OP Financial Services is the nation's largest credit union service organization in terms of number of credit unions, assets and members. The company specializes in helping credit unions thrive by providing products and services that make it more convenient for members to do business with them. With a motto of "Be There. Be More," CO-OP's products fall into three business lines, including "Locations," (ATM, shared branching and call center services); "Card Payments" (debit and credit processing) and "Mobile/Virtual" (mobile, check imaging, bill pay services). To learn more visit www.co-opfs.org.

About TMG

The Members Group (TMG) is dedicated to creating customized, technology-driven card processing and payment solutions for credit unions and community-based financial institutions across North America. Innovations in fraud management, loyalty programs, alternative payment systems and analytic reporting, and the competitive advantages they create, have helped TMG forge a new standard in offering cutting-edge credit, debit, ATM, prepaid card products and a P2P payment solution. For more information, visit www.themembersgroup.com.