One opportunity you can’t waste

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Computer with credit card laying on top surrounded by festive presents

An astonishing 44% of Americans plan to apply for a store credit card this holiday season, according to a new report from LendingTree. That’s up from 32% in 2019 and 24% in 2018.

However, of those same people surveyed more than half (56% to be exact) say they’ve regretted getting a store credit card in past experiences.

So, why would they do it all over again?

Lack of knowledge about their options and that falls directly on credit unions for not doing a better job of educating consumers on our value proposition.

Here’s how your credit union marketing can win the holiday credit card game this year:

The average APR for a new store credit card is 24.24%. While that’s down from 25.41% in 2019, thanks largely to Federal Reserve interest rate cuts, it’s still higher than the rate on your credit union credit card.

I smell an incredible opportunity for credit unions to be the hero this holiday season! Even for those credit unions not offering credit cards can beat those rates with special holiday loans!

But wait, there’s more. Nearly half (49%) of those with store credit cards are carrying balances.

Now is the time for your credit union marketing message to ramp up and reach out to consumers offering them an alternative, either for a new credit card or balance transfer.

yellow and teal infographic detailing credit card statistics

Knock the wind out of the big-box stores and make sure consumers know that your credit union has a better alternative to those high interest rates on the store credit cards this holiday season. And if you didn’t reach them in time, a balance transfer can help those who have already fallen prey to those store cards.

Wondering what to do with this knowledge? Struggling to keep up with your credit union’s marketing needs? Let Your Marketing Company help. For more than a decade, our credit union marketing firm has partnered with hundreds of credit unions to help them realize unprecedented growth using our unique, time-tested action plan. Email bo@yourmarketingco.com and start growing your credit union today.

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Dexter Ochoa

Development Assistant

When it comes to blending logical thinking and creative problem solving, Dexter’s abilities are undeniable! Beginning his career as a Web Developer, he’s no stranger to the wide world of Marketing and Advertising. Calling Biñan City in the Philippines home, Dexter has a burning desire to visit the Alpine peaks and valleys of Switzerland. While that journey may be far off, he is still no stranger to international travel. While visiting Japan, he was able to enjoy his favorite delicacy: Sushi and Sashimi. He also learned unexpected facts about Japanese Yen, specifically that it has special markings for the blind to know its value!

Living life by his motto to “Do good even if the world is unfair,” Dexter would also advise his younger self, “It’s hard, but you’re doing good!” Whether he’s enjoying a cup of coffee in the morning or the occasional Pale Pilsen in the evening, Dexter is eager to work with the talented professionals of YMC, and we’re just as eager to add his talent to the team as well! His marketing words of wisdom? “Be creative, and just do what you want!”

Andrew Wyche

Copywriter

Hailing from the NC state capital (that’s Raleigh if you didn’t know), Andrew is YMC’s Copywriter extraordinaire. That’s why he knows that “The verb form of ‘reconnaissance’ is ‘reconnoiter.’ The former is, strictly speaking, a noun.” Seriously, he knows his words and he’ll use those words to get bold and weird (in a good way) with his copy. Fuelled by a love for pasta, shellfish, a good single malt, or a meal consisting of all three, Andrew navigates life with a motto engraved in his heart: “Choose kindness. Always.” It is this guiding principle that has led him to explore the realm of marketing, driven by a desire to connect with people in meaningful ways. As he continues to chase his dreams, one bucket list item stands out above the rest – a pilgrimage to Scotland. With his heart set on adventure and his pen poised for creativity, Andrew’s journey is far from over.

Alex VanHaasteren

Senior Web Developer

Alex is YMC’s Senior Web Developer and, as the title suggests, she is an absolute pro! While she initially started in graphic design – working long and hard to expertly bring concepts to life – she also felt drawn to technology and applying her natural ability to problem solve. Web Development proved the perfect blend of her creative passion and technical savvy.

When Alex is out with friends – including her YMC colleagues – she’s up for Greek cuisine or some good pulled pork BBQ washed down with Diet Coke. Or an Old Fashioned, if the occasion demands. Someday, she hopes to go to Africa on a safari. Hopefully she’ll see a giraffe in the wild, because – as she’s pointed out – its neck is too short to reach the ground!

When she isn’t jamming out to T-Swift, she’s happy to impart some marketing words of wisdom, “Aim to create something unforgettable.” For day-to-day inspiration, she would remind you of two fundamental truths: You decide your happiness, and Ice cream is its own food group—not just a dessert.

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