June 19, 2017
Advancial Federal Credit Union has upgraded and simplified their credit cards with the launch of the Visa® Rewards Plus Credit Card.
“Advancial, like most credit card providers, was passing on fees and charges related to the card use to its members. Fees like the international fees that Visa charges for purchases in foreign countries or fees associated with cash advances, however, feedback from members indicated their frustration we these charges,” said Brent Sheffield, President and CEO of Advancial. “So Advancial committed to simplifying its credit card product decided to bite the bullet by reducing its own profitability to improve its member satisfaction. We have removed all these fees and more to deliver a credit card that is unmatched in its overall offering.”
To learn more about members’ credit card preferences and spending habits, Advancial held a series of focus groups to determine which features were the most important. “We quickly learned that our members are very credit-smart in their spending habits,” said Deborah Griesbach, Chief Marketing Officer of Advancial. “They like low rates, hate seeing lots of different fees and have differing opinions on how they want to use their rewards points. Many members agreed that they wanted a credit card that earned rewards, but offered a low, fixed interest rate and with no annual fee.”
Advancial’s new credit card, Visa Rewards Plus, combines a great low rate and no annual fee with the ability to earn rewards for all purchases, no matter the size. “One of the most exciting features of this card is the ability to earn 50% extra points if a member makes 25 or more purchases or spends $2,500 or more in a billing cycle,” said Griesbach. “When we surveyed members, we found that they use their credit card in a variety of ways; some put only large purchases on the card, whereas others put every single purchase on the card. The new Visa Rewards Plus credit card rewards Advancial members no matter how they use it.”
As predicted, Advancial members are responding well to the new credit card. Since Visa Rewards Plus launched in March of 2017, 40% more credit card applications have been received compared to the same time period last year. Additionally, Advancial members who use both Ultimate Checking and Visa Rewards Plus can combine their points for gift cards, travel or cash back in this extremely flexible program.
With a history dating back to 1937, Advancial provides a diversified line of advanced financial solutions to its members. Today, Advancial is a full-service financial institution that serves more than 80,000 members worldwide and has assets of approximately $1.4 billion. For more information, please visit the Advancial website at www.advancial.org.