3 Why Did We Become ‘The Hottest Credit Card in Town’? Threat of Selling PortfolioDecrease in Outstanding BalancesDecrease in Finance Charge IncomeDecrease in Interchange IncomeDecrease in Credit Card AccountsCompetition
7 How Did We Become ‘The Hottest Credit Card in Town’? Contact with Certegy RepresentativeCredit Card Holder SurveyBrainstorming SessionsDeveloped Plan and Timeline with CertegyImplementationMarketingTraining
8 Plan StrategiesReview current policies to increase line of credit limits and receive Board ApprovalSubmit application to Certegy for Scorecard and Direct MailReview ‘Gold and Classic’ portfolio and transfer who qualify to ‘Gold and Platinum’Update/Revise current applications and disclosuresCreate a Marketing PlanTrain staff on new credit card options/program
9 Plan Strategies Continued Implement ‘Skip A Payment’ programUtilize Beacon scoring for monthly reissueSet up new Bill CodesSet up Direct Mail Campaign to existing members without a credit cardSet up Direct Mail Campaign to non-members in chartered areaTransfer cardholders to upgraded cards prior to rate conversion
11 Top 5 Cardholder Survey Results Local ServiceLow Interest Rate CardNo Annual FeeReward Points or Cash BackBalance Transfer Rate
12 Credit Card Program Old Program New Program Offered MasterCard and Visa Cards in each programPlatinum 9.9% APRGold 11.75% APRClassic 12% APRNew ProgramPlatinum 7.9% APR With 3.9% Balance Transfer Rate for 6 MonthsVisa Gold 9.9% APR With Scorecard Bonus Point RewardsMasterCard Gold 9.9% APR With Scorecard CashBack RewardsClassic 14% APR
13 Web Site Hottest Card In Town 7.9% A.P.R. Visa/MasterCard FIXED9.9% A.P.R. FIXED with Scorecard Bonus9.9% A.P.R. FIXED with Scorecard Cashback14% A.P.R. Visa/MasterCard FIXED25 Day Grace PeriodIncludes Travel Bonuses and Gifts RewardsEarn $$$ based on PurchasesClick here for details!
14 Balance Transfer Program Special Rate on Platinum Cards only3.9% APR for 6 MonthsMinimum transfer amount of $50.00Brochure with form to fill outOur Credit Card DepartmentSent out checksSent cardholder letter with additional checksPosted cleared items to credit card accounts
18 Staff Rewards Dinner for those who assisted with the upgrade process Lunches as Account Balance growth targets were achievedSteak Fry for all Staff when Balance Goal was achieved
19 Campaign Costs Marketing - $80,000 Cost Justification Advertising-MediaDirect MailWebsiteDrive up stuffersLobby displaysCross-Selling CampaignProcessing - $78,900Account /Cards reissuedPlastic and DisclosuresScorecardBalance TransferDirect Mail set upCost Justification185 New AccountsIncrease in Balances 4.5 MillionIncrease in Interchange IncomeIncrease in Finance ChargesIncrease in Fee IncomeMaintain balances
21 Current Program Strategies Card Reissue Review – use Beacon Score for increases and upgradesSkip A PaymentPlatinum 4 Times a YearGold 3 Times a YearClassic 2 Times a Year4.9% APR Balance Transfer Rate for 6 monthsIncrease Member Penetration – Cross-SellingFast Track Card Activation Program
22 Future Program Goals 50% Member Penetration Maintain 11.5 Million Dollar Portfolio5% Annual Increase in Outstanding Balances
23 Rosemarie Siems email@example.com David Stark firstname.lastname@example.org Questions?Rosemarie SiemsDavid Stark
Your consent to our cookies if you continue to use this website.