Credit Builder card generates member excitement and loyalty

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Initiative has energized Des Moines Metro CU’s Hispanic outreach Adam MertzWhen multinational banks started siphoning business from Des Moines (Iowa) Metro Credit Union by offering credit cards to participants in its successful credit-builder program, Traci Stiles quickly shifted tactics.The credit union’s director of business development received authorization to issue people in the second phase of the program a credit card along with the traditional $500 six-month signature loan, rather than make them wait until the end of the program.The Credit Builder credit card, which carries a 13.5% annual percentage rate, creates no additional exposure for Des Moines Metro but has generated excitement and loyalty among members.In three months, the credit union has issued 20 cards. That’s a point of pride for a single-branch, $50 million asset organization with a roughly 1,000-card portfolio.“We didn’t want to build up our members’ credit and then have them go somewhere else,” Stiles says. continue reading »last_img

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