Contact individuals with overpaid credit card loan balance to entice them to use their credit balance on their account. Why should you do this? Based on Regulation Z you are required to return any balance over $1 within a certain timeframe. Why not avoid returning the funds and generate some interchange income for your credit union at the same time!? You can use the report/file listed below to generate a list of members with a balance to call to get them to use their card prior to the date you are required to refund the credit balance. As an example, let’s say your marketing strategy is to offer a gift card to members who eliminate their credit balance by using their cards.
I Want My Credit Cards to be Used
Free!
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This document and the following volumes are intended to give a you and your credit union a complete road map to execute a marketing campaign. Using the tools available, this road map will allow you to market to your members with overpaid credit cards to get them using their cards. This road map will take you from the very beginning of developing the campaign and targeting data, all the way through to the end of the process and the evaluation of the campaign. You will discover within, all the steps necessary to create the campaign, the steps to follow through to the end using the referenced CU*BASE options to mine the data and track the sales success.
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