ARLINGTON, Va. — Analysts and card consultants say that fear based on misinformation about Visa Platinum cards is one of the leading reasons credit unions are reluctant to convert their card portfolios to the profitable platform.
"Many credit unions don't realize that there is no longer a $5000 minimum credit line on Platinum cards," explained card consultant Ondine Irving, owner of Chicago based Card Analysis Solutions. "There is a fear of increased expense and decreased yield," she said.
Bill Lehman, vice president of card consulting for Card Services for Credit Unions agreed and pointed out that the misconception about the parameters of a Platinum program have persisted because many credit unions have not made their card portfolio a part of their strategic focus.
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