The prepaid card line-up: Gift and Reloadable

Corporate One members now have the opportunity to offer prepaid gift and reloadable cards. And, with the growing popularity and opportunity prepaid cards offer, there is no time like the present for credit unions to take claim over their share of the prepaid market to meet their members’ needs as well as their own revenue goals.

Gift Cards—the one gift that fits all
Gift cards are being given away every year as an alternative to checks and cash than ever before. And, for credit unions, they are a new, untapped source of non-interest income. Unlike other gift card programs, this prepaid solution makes the credit union the gift card issuer, not just a reseller, which allows for greater program flexibility, customization and revenue potential. Gift cards are non-reloadable.

Reloadable Cards—target new members, engage the underserved
Reloadable cards are a gateway solution to meet the needs of key growth segments, such as youth, students, travelers and the underserved. This reloadable prepaid solution offers the standard benefits of a gift card, plus the ability to load value onto them again and again. The value of reloadable cards lies in using the cards to address specific needs of a target audience. In fact, this reloadable card solution offers three unique and engaging reloadable card programs: Cash Card, Student Card and Travel Card.

Cash Cards
Provide a much needed payment solution to the underserved in your area with the reloadable cash card, which is ideal for members and people in your community without traditional deposit accounts or access to credit. While cash cards can be used in any number of ways, they can be particularly beneficial for the underserved by relieving such individuals from the fees of check cashing services and by providing them with a flexible and secure cash alternative. Cash cards can be used for online bill pay and purchases, can be loaded via direct deposit and allow the cardholder to access cash at ATMs.

Student Cards
The student card is specially designed to give tweens, teens, college students and young adults spending independence and responsibility while keeping their parents informed, involved and in control of their children’s finances. Both the parent and the child can check the account balance and purchases online at any time (parents can create up to five separate accounts). Preset spending limits and controls guard against excessive debt.  The Student Card is a great tool for parents to teach financial literacy and budget responsibility, and it is a great way for credit unions to reach a new generation of members.

Travel Cards
The Travel Card is the future of Travelers Cheques, and offers frequent travelers a safe, easy and convenient way to carry travel funds. It is credit union branded and provides interchange income from the cards transactions. The Travel Card can help travelers stay on budget, provide favorable foreign exchange rates with no added currency service fees and is more secure than cash.