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Cards Corner: Does your card provider pay you? We do, and we’d love to share the wealth with your credit union

Corporate One’s Cards Solution provides patronage dividends and rebates to participating credit unions

By: Amy MacMullen, Director of Card Services

 

March 11, 2014

Amy MacmullenCorporate One’s Card Solutions for both debit and credit reflects our commitment to providing credit unions solutions that spur revenue growth and enable credit unions to better serve their members and boost membership. Plus, we offer a couple of perks not found with other providers. Do you know that credit unions participating in our Cards Solutions have the opportunity to earn an annual patronage dividend? They also have an opportunity to earn rebate incentives simply by growing their card portfolios.


Patronage Dividend

inVest48The patronage dividend is distributed to participating credit unions annually via our cards partner PSCU. PSCU is the largest non-profit cooperative CUSO in the United States and owned by approximately 700 credit unions. The patronage dividend is based on the ratio of pro-rata share of credit unions’ qualifying* revenues. The pro-rata share is then applied to PSCU’s patronage net income to determine the individual credit union’s dividend. Corporate One succeeds when our credit unions succeed, so I’m delighted to report that last year participating credit unions in our cards program earned a total patronage dividend of $393,845 distributed as cash and capital credit. Does your current card provider pay you back?

Rebate Incentives

Another benefit of our program is the opportunity for participating credit unions to earn rebate brand incentives. Incentives are paid for simply increasing signature debit and credit card usage, and also for issuing new cards and promoting their usage. The card portfolio performances are monitored and paid for by their applicable Association (MasterCard or VISA). Each quarter, participating credit unions are paid back for improved performance. Last year, our members earned an additional $50,000 utilizing these brand rebate incentive programs. Does your current card provider incent you to grow your card portfolio?

When you consider these patronage program offerings through our Cards Solutions, then what better time than now to accelerate your debit and credit strategies, expand your product channels and grow your member base. Call me today to learn more about how our card solutions can benefit your credit union. You’ll be amazed by what can be accomplished together.

*Qualifying revenue is gross revenue less certain pass-through expenses including interchange, VISA/MasterCard fees, and when appropriate certain other non-recurring revenues.

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