VIEWS: 8 PAGES: 5 CATEGORY: Business & Economics POSTED ON: 5/30/2010
Selling your credit card portfolio can be a money maker, but executives at several credit unions that have gone through the process in recent years warn of the need to vet prospective suitors, especially for the member service they will provide. As the credit union considered offers from several banks and credit card companies, one proposal stood out. It offered the biggest premium, along with a variety of rewards options for members. The credit card company offered to hold the credit union's rate and terms for a year as members considered their options and chose a new account. In the immediate aftermath of the portfolio sale, the credit union's surveys of departing members indicated that 35% of those who left did so because of dissatisfaction with their new credit card accounts. However, some credit card portfolio sales go off without a hitch.
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