A mid-sized credit union found its in-house credit card program, a $7 million portfolio, was underperforming. It experienced higher than average attrition, eroding usage, and unacceptable decline in new applications.

Our portfolio analysis confirmed that the current product set was uncompetitive: rewards went unredeemed and the interest rate was too high. After we catalyzed a partnership with a financial services company, the credit union greatly enhanced their credit card program with robust reward offers and competitive rates that compelled customers to use their cards more often.

In one year, the credit union's portfolio grew by 14%. It received a 16% premium and members upgraded to a no-fee rewards program with lower rates, ensuring longer lasting customer relationships.