Many millennials are wary of opening a credit card, unlike their parents and grandparents. This is why it is essential to offer a credit card program that educates and offers benefits to appeal to a generation that has been plagued by debt. Learn the key features that will attract millennials and strengthen your credit card portfolio.
The first universal issued credit card was established in the 1950s and since then has grown in popularity as well as usage. However, not every generation relies on credit cards for their day-to-day purchases. In fact, a study found that only 33 percent of millennials have a credit card. Millennials are all too familiar with debt, so it is essential for your credit union to offer a card program that fits the unique wants and needs of this large demographic.
Member Access Pacific (MAP) offers a credit card program that will appeal to all credit union members including millennials. MAP has partnered with Visa for all of our card products, and because of this, your members will have the convenience of acceptance worldwide. If your member has an issue with their card, our Visa customer support is available 24/7.
MAP’s Visa credit card solution also offers turn-key marketing collateral as well as marketing automation services allowing you to communicate with your members efficiently and effectively.
Mobile is everything to the millennial generation so it is vital to have a mobile app that will integrate with your card program. MAP’s mobile app not only allows members access to their financial accounts, but it also has features like card controls and alerts and notifications. Card controls allow real-time visibility and control over your spending activity, which is appealing to this budget-conscience generation. Custom alerts and notifications allow your members to set up transactions notification to prevent any unauthorized spending and protect their finances.
In addition to a strong card product, education is going to be a key component to the success of your credit card program. Millennials do not like the idea of accruing debt; this is why it is important to show the financial benefits of using a credit card. Establishing and building your credit score, rewards and security are some of these benefits you can highlight to your younger demographic.
By combining the product benefits with the educational component, you can show this younger demographic that credit cards are a useful tool. Whether it is the perks like rewards or the security of Visa product offering a millennial-friendly credit card program will help strengthen your credit union’s card portfolio and appeal to wider membership.
Bring the power of Visa credit cards to your credit union and discover how you can appeal to the millennial demographic. Contact the experts at MAP today to learn more.