Payment Industry Insider

An old fashioned train engine uses steam to move down the tracks. But it takes more than just hot water, it takes boiling water. Here are 9 ways to help heat up your cards and add steam to your program to get your card train moving:

1. Cross sell your cards at every opportunity. Start with a question about what your member values in the card they use most often today.

2. Pay your members to use your card. Seriously! A $5 incentive for using their card at least four times this month can easily result in more than $5 in interchange and finance charge income, not to mention the ongoing impact.

3. Offer rewards. But not just any rewards. Give your members unique options like lower rates on other loans by using points earned on your cards (credit and debit). Allow your members to earn rewards points from other credit union services that get added to their card point balances.

4. Partner with local merchants. Ask your SEG’s and other local merchants to give a discount to your members when they use your card. The merchant benefits by you marketing this to your members and you benefit by the additional transactions that may have been lost to a competitor.

5. Give your members options. Not everyone likes the same things in coffee and it’s the same with cards. Some members will be attracted to low rates, some to rewards and some to the design of the card. Just make sure the options are clear and easy to understand.

6. Plastic designs. Give your members plastic design options that they would be proud to show off when at the checkout line. Picture cards are especially effective!

7. Create low barriers for entry. It should be easy for your members to apply for a card and you should be able to approve almost any member. If not, evaluate your underwriting. A combination of credit line, payment options and rates should be able to fit almost any member.

8. Educate your members about your competitors products, including why they are better. Trust is often a bigger reason why your members will choose a financial product than any other factor. Be the financial services provider your members trust.

9. Run promotions that everyone can participate in. Balance transfer promotions aren’t just for the holidays. You never know when your member may want to transfer a balance; give them every opportunity to do so. Or trying giving away one transaction per month for free. If your member uses their card this month, they are automatically entered in a drawing to win that transaction for free. Make it visible by take a picture of the winning member with their “free transaction” merchandise!

These are just some ideas to get you started. Feel free to share what past campaigns or strategies have helped your CU’s card program succeed.