Community First CU’s Credit Card Story: Great Rates and Great Rewards Yield Great ResultsCredit Union Sees 43% Growth in Outstandings in One YearSt. Petersburg, FL, June 7, 2007 – From dormant to dynamic in just one year. That’s what happened to the credit card portfolio at Community First Credit Union of Appleton, Wis. Just a year after they began promoting and actively managing their credit program, outstanding balances were up by 43 percent, as the credit union achieved a 32% increase in purchases and interest income gain of 23%. The credit union was seriously considering selling its portfolio when a consultant recommended they invest in it instead and predicted it would be their highest yielding loan product. That prediction came true, as the credit union staff worked with AdvisorsPlus from PSCU Financial Services to breathe new life into its stagnant credit program. The credit union reorganized its portfolio into Platinum Visa and MasterCard accounts. Members were notified by direct mail that they could be automatically enrolled in a “Great Rate” Platinum card that offered 8.99 percent interest or select a “Great Rewards” Platinum card with a higher interest rate that offered the popular CURewards™ program from PSCU Financial Services. In addition, cash back options and the ability to buy down fees for credit union services were also offered. The credit union promoted its new card offerings in its branches and online and conducted employee training and competitions, with financial rewards for teams that signed up the most new accounts. “Credit unions that invest in their credit card portfolios can successfully compete with national card issuers because members prefer to use our plastics if we offer an attractive package,” said Cathie Tierney, Community First’s President and CEO. “We made a modest investment in our credit program and achieved dramatic results. We have to share credit with AdvisorsPlus™ specialists who played a vital role in our success. They have an extremely well-designed program that is built upon years of experience with credit unions nationwide.” From March 2006 to March 2007, the credit union boosted credit balances from $9.91 million to $14.16 million and saw purchases rise from $2.21 million to $2.92 million. The credit union continues to work with AdvisorsPlus to offer risk based lending, automatic credit line increases, new promotions and pursue additional gains. “We are just starting to realize the full potential of our credit card portfolio,” notes Tierney. About Community First Credit UnionCommunity First Credit Union was founded in 1975 and is based in Appleton, Wisconsin. With assets of nearly $890 million, Community First Credit Union serves more than 76,000 members in 13 counties in Northeastern Wisconsin. Additional information is available at www.communityfirstcu.org.About PSCU Financial ServicesAs a non-profit cooperative, PSCU Financial Services supports 1,100 financial institutions and is owned by 500+ member credit unions representing over 11 million cardholder accounts. Its Contact Centers handles more than 12 million inquiries a year.PSCU Financial Services maintains its headquarters and Eastern operations center in St. Petersburg, Florida. The company is also supported by a West Coast operations center based in Phoenix, Arizona and additional call center operation in Detroit, Michigan. Established in 1977, the company provides a broad array of cost-effective, high quality financial services that include credit, debit, ATM, prepaid, bill payment and contact center solutions. PSCU Financial Services uniquely offers its members a full range of processing options, any combination from full service to in-house pass through processing for credit, debit and ATM transactions. As the leader in the credit union industry, the company offers gateway access to national and regional networks. It also provides full function ATM terminal driving services. For more information, visit the company's Web site at www.pscufs.com.
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