Make your credit cards more usable

by: Jennifer Kerry

You read a lot these days about new, novel payment methods. But really, it’s hard to beat credit cards at their own game:

• Credit cards are accepted nearly everywhere.
• Credit helps cardholders manage cash flow.
• Cards often provide consumer protection, such as insurance on car rentals or the ability to dispute charges.
• Cards offer rewards or cash back.

For all these reasons, credit cards are among the strongest relationship builders a credit union can have. Yet, some consumers are reluctant to apply for or use credit cards. Young members may not have established credit yet. Members may also worry that their cards will be compromised by fraud – or that credit card overuse will result in burdensome debt.

How do you make your credit cards more usable? The easy answer is to remove some of the barriers listed above. Does your credit union offer young members a clear, easy path to credit? Promoting the availability of credit to younger members – and then using that relationship to build credit over the years – is a time-tested credit union strategy. Now may be a good time to re-imagine these programs to appeal specifically to Millennial members.

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