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 |