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Credit Card Strategy in a Rising Rate Environment

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"Credit Card Strategy in a Rising Rate Environment"

With the current economic environment and rise in interest rates, credit unions may find the credit card market increasingly complex to operate internally. Learn why shifting from insourcing to outsourcing your credit card program can benefit your credit union.

Credit unions are finding the credit card industry an increasingly complex and competitive space. For decades, many used a strategy of issuing single low-rate cards to attract new members and benefit existing ones. However, today’s cardholders are increasingly sophisticated. They seek many offerings that some credit unions can't provide, such as:

  • Customized Cards
  • Robust Reward Programs
  • A Digital Experience 

Further complicating this low-rate card strategy is that rising interest rates and the prospect of deteriorating economic conditions in 2023 could lead to higher charge-off rates. The large bank failures in the first quarter of 2023 have added to the uncertainty imposed by the prospect of a recession.

While managing credit card programs in-house may have worked previously, credit unions need a forward-thinking, modern credit card strategy that balances profitability and risk, adopts the latest technology and delivers the customization that cardholders demand. Learn more and hear from credit unions that have made the switch.

Offered Free by: Elan Credit Card
See All Resources from: Elan Credit Card

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