In a recent Credit Union Times article written by Richard Gallagher, CEO of Oak Tree Business Systems, Inc., talks about the competitive market credit card users have had to endure in today's industry. In today's world, many people have begun to stop using cash at checkout because it can be a hassle going to the ATM every time to withdraw money. WE GET IT! Credit card usage have risen due to this factor and it's honestly easier and faster to use. Now with that being said, there are many companies out there including credit unions who have endured this inclination of wants from their members, which have entitled a competitive rise to occur with who has the best card, or who has the best rates. It has even come down to who has the best technological stand to drag members in via design and through mobile devices. An excerpt from the article:
"People can fall into a cash shortage at various times in their lives. While some may prefer the all-cash or debit card method, most will choose a credit card to alleviate their financial burdens. Use this opportunity to market your credit cards as a middle-ground solution. By building relationships, providing financial education, and rewarding both your members and employees, you can stay competitive in an oversaturated credit card market."
So, how what are your thoughts on this topic and what kind of changes do you hope to see for the future of credit cards?