Hi there! If you're trying to get more members to say “yes” to your credit union’s credit card, here's one powerful approach that works – talk about saving power.
Let’s say a potential member has $22,000 in credit card and unsecured debt at an average rate of 27.99%. Based on a minimum payment schedule, they could be locked into that debt for 117 months, paying about $550 a month. That’s a total of $64,374.
Let that number sink in.
$64,374.
Now imagine we offer them a card at 13% APR. Same debt. Same 117 months. But now, they’d pay significantly less overall and their total drops to $38,919.19
Again, let that number sink in.
$38,919.
That’s a difference of more than $25,000 ($25,455).
You're showing them a path to real savings – not just a lower rate, but an actual dollar impact. That’s your in.
But let’s go a step further.
What if they said, “I want out faster.” Let’s look at 60 months – 5 years. Same 13% rate. Same balance.
Their estimated monthly payment would be $501 for 60 months, compared to $550 they are paying for 117 months. That’s right, they are paying less per month AND they cut their repayment time nearly in half. That’s money that could go toward a car, a vacation, or an emergency fund.
Finally, let’s address affordability and rewards, because credit union cards aren’t just lower interest, they’re smarter.
According to a 2024 Bankrate survey, nearly 1 in 4 rewards cardholders didn’t redeem their rewards last year. And 40% of Americans don’t even have a rewards card. So, if your credit union has an awesome APR but no rewards, you still have a compelling story.
Plus, a 2024 Consumer Financial Protection Bureau report found that small issuers like credit unions offer 8 to 10 points lower APRs compared to big banks. That’s not small change – that’s thousands in savings over time.
So here’s the message: When you position your credit card, don’t just talk features. Show dollars saved, debt paid off faster, and a better every day-card than what’s already in their wallet. This is about transforming plastic into a powerful financial tool and showing your members how much smarter their money could be with you.
And remember: Ideas spark change, actions ignite them.
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