A South Carolina credit union says big bank credit card issuers are partially responsible for giving his CU a spike in its credit card balances.
Bill Love, CEO of the $86 million MTC Federal Credit Union, credited marketing plans prepared by its processor, PSCU Financial Services, and aggressive cross-selling for giving the Greenville-based credit union an already strong card program. The card portfolio grew by more than 142% over the year, reaching 587 accounts with roughly $1.71 million in outstanding balances as of March.
But Love said the CU has seen even stronger growth since March, with outstanding balances standing at $2.5 million as of the end of June. Love attributed the growth spurt to providing the public an alternative to the big issuers.
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