Most credit unions offer a credit and debit card program, but not all offer a gift and prepaid card program. Implementing a gift and prepaid program has numerous benefits apart from providing your members a gift to give for the holidays. Prepaid cards create a financial learning experience for teens who may not be ready for a credit card, are great for travel and much more.
The number of prepaid card transactions has reached over 9.9 billion annually according to a study by the Federal Reserve. Offering a prepaid and gift card program, not only benefits your membership but also helps strengthen your credit union’s product line.
Member Access Pacific (MAP) offers Visa Prepaid Cards as well as Visa Branded Gift Cards. These products are available to credit unions in a turn-key option for a product ready to implement immediately and a customizable option for credit unions who would like to develop the program to match their member’s specific needs.
While credit cards remain a staple in the financial industry, offering prepaid cards allow your credit union to appeal to a wider membership base. There are some people that may not want or qualify for a credit card, so a prepaid card is a great solution for them. The cards are reloadable, and your credit union can choose additional features like ATM access, remote deposit capture, and online account management. MAP’s prepaid card solutions are accepted at any location that accepts Visa making it a convenient payment option.
Like prepaid card transactions, the number of gift cards used annually has also increased steadily over the past decade. From holidays to being used on vacations, gift cards are a multi-billion dollar industry. MAP’s Visa gift card program can be easily implemented throughout your credit union’s branches while providing an easy to use product for your members. Gift card balances can range from $10 to $2,000 or even higher depending on the guidelines your credit union wishes to put in place.
Another key benefit of offering gift cards at your branches is the potential increase in foot traffic. When members come into your financial institution to purchase a gift card, your staff will also have the opportunity to cross-sell them on other products and promotions.
Both prepaid and gift cards are a great product to offer to younger members as well. Many teens might not be ready for the responsibility of a credit or debit card, so a prepaid card or even a gift card is an excellent way to introduce them to the concept of budgeting with limited risk.
Prepaid and gift cards appeal to members of all ages and will help your credit union remain competitive against other financial institution’s card products. Contact MAP today to learn more about our Visa card products and how easy they are to implement at your credit union.