Nickels

Excited to join Brett Wooden tomorrow (Friday - August 23rd) on his webinar series where I’ll be sharing some of the key experiences that shaped Nickels and our mission to connect communities with their local credit unions. We’ll be diving into the why and how behind Nickels, and I’ll be giving an inside look at the challenges and successes we’ve encountered along the way. Info to register below. Looking forward to seeing you there! Date: Friday, Aug 23, 2024 Time: 12 p.m. (CST) Register here: https://lnkd.in/eVfJBaUK

Have you considered how the sophisticated marketing tactics of major credit card companies affect your members?   In a fascinating conversation, Joseph Gracia of Nickels draws from his experiences with Columbia House to illuminate how credit unions can counteract the enticing yet potentially harmful strategies employed by big credit card firms. Nickels emerges as a game-changer, utilizing advanced analytics to understand credit union members' spending behaviors, particularly on competitive credit cards.   Learn how Nickels enables credit unions to craft personalized financial offerings, from balance transfers to refinancing solutions, focusing on superior rates rather than competing in the endless rewards race. This strategic approach allows for more effective, behind-the-scenes marketing, ensuring members benefit from highly relevant financial products without explicit awareness of Nickels' role.   Dive deep into this episode to discover how Nickels is helping credit unions enhance their card portfolios and support members' financial health through insightful data analysis and targeted marketing strategies. Listen now! https://lnkd.in/guJSaZMu   #CreditUnions #FinancialWellness

As we enter the back-half of the year, it’s that time again for strategic planning.    Here Nickels we have our minds on credit cards, consumer debt and credit unions.   Primarily we’re thinking about:   ▪Market Differentiation - Credit unions have a huge opportunity to differentiate their credit cards by focusing on their lower APRs and what that means for lowering the cost of credit card debt. ▪Consumer Awareness – Consumers lack awareness for the $$$ they can save with a credit card from a credit union. Hint: It far outweighs what most are earning in rewards.   We’re also thinking about trends within credit cards and how they may factor into the future: ▪ Delinquency rates - Are we at the precipice of a new plateau of delinquencies defaults or is this a blip in an otherwise static line? ▪Credit card fees – Can the traditional fee structure be re-imagined? ▪Digital issuance – Are credit unions decisioning and delivering with the speed consumers now expect living in a digital world?   There is a lot to consider as we think, plan and set goals for next year.   What are some of the trends, insights or impacts that you are taking into your strategy planning for next year?   #CreditCards #BusinessPlanning2025 #FinanicalTrends #CreditUnions #Strategy

Has your credit card business ever lost money? Recently, I spoke with a credit union CEO about this very question. He’s been a credit union leader for over 25 years and has a great perspective on the industry, financial trends, and the credit union mission. As we talked, his questions and concerns reflect an acute issue I’m seeing right now. Broadly stated, they are: * Credit card debt has risen quickly since the pandemic. * Card debt delinquencies are ticking up. * Are we on the precipice of a credit card debt cliff where portfolios will get wiped out? I don’t know what the future holds (none of us do), but it seems many in the industry are prisoners of the moment, overly anchoring on the most recent data points and fixating on what will happen with interest rates at the next Fed meeting. With these concerns in mind, my question for this CEO was, “Over the past 25 years, can you remember a year when your credit card business lost money?” He could not, and I’m genuinely curious if other leaders can. My guess is that some could go back 16 years to 2008. Beyond that? My point is, credit unions are in the business of lending money.  And their credit card businesses have been doing that profitably for decades. This is the moment when credit unions can save their communities serious amounts of money given that their APRs are capped at 18% and many big bank cards are now surpassing 30%.  And credit unions have decades of proof that they can do this profitably. Be smart in assessing risk, but don’t shy away from this opportunity to save your communities money and acquire new members with the superior credit card products you’re offering today. #CreditUnions #CreditCards #Lending #Debt

We are officially half-way through 2024. With this milestone, I can’t help but think about the amount of debt consumers have accumulated these first six months.   I’m specifically thinking about the 47% of adult credit card holders that carried a balance for at least one month in the past year. Average big bank APRs for credit cards accruing interest are coming in at 27.65%.  Credit unions however continue to hold their APRs at an average of 12.65%.   That’s a huge difference in tacked-on costs for consumers.   For example, Experian reports that the average credit card balance today is $6,501.  If you carry that balance from one statement to the next, it’s a difference between an interest charge of $150 or $69.  That’s $81 that could be used for a tank of gas, groceries, or other bills.  And this is just one month… There is opportunity for credit unions to save their communities money on one of the costliest and most pressing forms of debt.   #CreditCards #ConsumerDebt #CreditUnions #Inflation #2024

Want to save communities millions by showing them how lower rates beat rewards for those who sometimes carry a balance on their credit cards? We're hiring a Director of Digital Marketing for our CardFit product. CardFit is NerdWallet for credit union credit cards. More details on the position here: https://lnkd.in/eUPwHR_w

CardFit is NerdWallet for credit union credit cards. Credit unions acquire new members and their communities save money. See the highlights of our most recent webinar.

Miss our webinar last week on attracting & qualifying new members? You can now watch it here! https://lnkd.in/eJzNSmvA CardFit is NerdWallet for credit union credit cards. Credit unions acquire new members by saving their communities money from high-interest, big bank credit cards.