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PUBLISHED AS A PUBLIC SERVICE BY THE CREDIT UNION CENTER OF AMERICAN INCOME LIFE INSURANCE COMPANY, P.O. BOX 2608, WACO, TX 76797.
CALL THE CREDIT UNION CENTER HOTLINE AT 1-800-278-6661 WITH SUGGESTIONS, QUESTIONS AND REQUESTS. VISIT OUR WEBSITE AT: WWW.AILIFE.COM
u February 2008 u
The Prepaid Debit Card:
From Gift Card To Travel Card ...
A Very Powerful Product
u The Prepaid Debit Card: Seven Marketing Strategies u
u February 2008 u
The most recent holiday shopping season proved two things:
u Sales were down.
u Gift cards went through the roof.
As expected, gift cards and Internet shopping were the only two areas to
gain market share. Even electronic gadgets didn’t live up to expectations.
So obviously a Credit Union should wonder, “Isn’t it time to introduce (or
vigorously market) a prepaid debit card?” Yes, for seven reasons — and
they coincide with the seven key uses for the card … making it “seven-
Let’s examine each “card.”
Card #1 — IT’S A GIFT CARD. The latest craze is the realization that a gift
card for cash — unlike one from Macy’s or Target — can be used anywhere.
Consequently, it has so much more value.
The Members Group, affiliated with the Iowa Credit Union League,
reported that for the recent holiday season they had 55 Credit Unions
selling 15,000 cards with an average load of more than $90 per card.
America First Credit Union in Utah almost doubled their 10,000 cards of a
year ago. The new twist: a personalized gift card with the giver’s photo.
Stan Hollen, CEO of CO-OP Financial Services, reported that prepaid gift
cards have become one of the fastest-growing payment methods for
consumers. To help CUs remain apace, CO-OP Financial Services has
developed their own “CO-OP GiftCard,” designed to be convenient and
competitively priced for Cre