The mid-2009 birth of the Card Act significantly changed the credit card world. But with the new regulation comes opportunity, and credit unions are now touting their credit cards as a value-added product for members.
The 10 credit unions listed here have successfully portrayed the value in their programs, penetrating existing relationships along the way. An impressive 60.82% of members at School Employees Lorain County Credit Union ($131M, Elyria, OH) have a credit union credit card. For more credit card coverage, click to learn about the penetration statistic or to see what effect rates have on member usage.
|
Leaders in Credit Card Penetration |
|
Data as of June 30, 2010 | Credit Unions over $20M in Assets |
|
1 |
SCHOOL EMPLOYEES LORAIN CNTY |
OH |
60.82% |
16.92% |
$1,661 |
5.41% |
$11,893,907 |
$132,558,581 |
$10,187 |
|
2 |
PIONEER WEST VIRGINIA |
WV |
57.14% |
5.26% |
$1,605 |
16.15% |
$3,318,783 |
$129,524,726 |
$15,913 |
|
3 |
SAN DIEGO FIREFIGHTERS |
CA |
53.47% |
7.60% |
$1,607 |
-2.63% |
$3,021,526 |
$77,414,267 |
$1,163 |
|
4 |
ACME CONTINENTAL |
IL |
52.08% |
44.40% |
$3,186 |
3.57% |
$11,697,394 |
$46,861,289 |
$15,315 |
|
5 |
LUTHERAN CU OF AMERICA |
CA |
52.02% |
6.20% |
$1,025 |
-1.04% |
$963,446 |
$26,347,139 |
$926 |
|
6 |
SCHLUMBERGER EMPLOYEES |
TX |
51.13% |
9.15% |
$1,458 |
6.40% |
$14,415,000 |
$327,862,191 |
$13,261 |
|
7 |
UTICA GAS & ELECTRIC EMP |
NY |
51.08% |
8.63% |
$1,227 |
6.44% |
$1,589,360 |
$44,428,463 |
$9,498 |
|
8 |
FLORIDA BAPTIST |
FL |
49.68% |
10.58% |
$932 |
3.65% |
$1,297,628 |
$24,721,546 |
$2,231 |
|
9 |
ENTRUST |
VA |
49.15% |
27.45% |
$1,780 |
5.44% |
$8,444,606 |
$66,384,690 |
$13,784 |
|
10 |
O.A.S. STAFF |
DC |
48.46% |
5.23% |
$1,429 |
6.41% |
$3,959,948 |
$144,195,926 |
$2,034 |
|
Source: Callahan & Associates' 2011 Credit Union Directory |