Why does the 2nd largest CU in the US have such poor CC options?

[swankytiger]

So SECU(or North Carolina State Employees Credit Union) is the 2nd largest Credit Union in the US behind NFCU.

They have a single credit card. Just a standard Visa, no perks, no cash back, no points, no nothing.  Interest Rates are low at 13% but that is it. https://www.ncsecu.org/Cards/Credit.html 

Just a bit dissapointed as this is my main bank and has been for years.

One would think that they would have at least the bog standard Elan options but they dont.

[CreditCuriosity]

Didn't know they were second in size although a quick google certainly shows that.  Guessing CC isn't their game although member owned you think some of members would push for more choices other then one CC.  They have the money where they certainly don't need ELAN partnership that is usually for a lot smaller regional banks and the likes.  Maybe they just don't want to compete in that space and don't have the appetite for unsecured lending likely with the highest defaults out of any unsecured type?  

[northway]

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@swankytiger wrote:

So SECU(or North Carolina State Employees Credit Union) is the 2nd largest Credit Union in the US behind NFCU.

They have a single credit card. Just a standard Visa, no perks, no cash back, no points, no nothing.  Interest Rates are low at 13% but that is it. https://www.ncsecu.org/Cards/Credit.html 

Just a bit dissapointed as this is my main bank and has been for years.

One would think that they would have at least the bog standard Elan options but they dont.

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They also refuse to lend if you don't live in the immediate surrounding states to NC. Doesn't matter if you qualify for membership through someone, the only products you'll get are deposit ones.

[NoMoreE46]

Who knows for certain but NC SECU itself. 

At a high level, maybe it is due to the CU's lower credit risk tolerance (of card default.)  Or SECU might not want to invest in the tools/resources to manage a broader suite of cards.  Lower number membership CU like BECU, Alliant or Golden1 with multiple card offerings may be more tolerant of the credit risk and have made expenditures to mitigate them.

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@swankytiger wrote:

So SECU(or North Carolina State Employees Credit Union) is the 2nd largest Credit Union in the US behind NFCU.

They have a single credit card. Just a standard Visa, no perks, no cash back, no points, no nothing.  Interest Rates are low at 13% but that is it. https://www.ncsecu.org/Cards/Credit.html 

Just a bit dissapointed as this is my main bank and has been for years.

One would think that they would have at least the bog standard Elan options but they dont.

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[NoMoreE46]

@CreditCuriosity wrote:Didn't know they were second in size although a quick google certainly shows that.  Guessing CC isn't their game although member owned you think some of members would push for more choices other then one CC.  They have the money where they certainly don't need ELAN partnership that is usually for a lot smaller regional banks and the likes.  Maybe they just don't want to compete in that space and don't have the appetite for unsecured lending likely with the highest defaults out of any unsecured type?  

Ha, (I had no idea this CU was that big too-)  it looks like @CreditCuriosity and I are on the same point.   I do like his wording better as it is more reader friendly.

[NoMoreDebt]

The CC options at most of the CU's outside of NFCU seem poor to me also, at least for the type of spend we do and the rewards we prefer (cash back). Pen Fed doesn't wow me in that department either.

[Lou-natic]

I'm not all that thrilled with NFCUs credit cards, I don't have a single one nor plan too unless they make some changes.

Lets see...low rate platinum card...not bad...good start honestly

Then the cashRewards 1.75% cash back card...ehhhh...With the proliferation of 2% cards this is just "ok" IMHO. Not the worst of course but for a credit union where "The members are the mission"...nah

Or my favorite card...the Flagship with a $49 AF for 2% back...oh and 3% for travel...

Honestly the only other card in their lineup worth considering for most is the More Rewards AMEX card. 3% cashback at supermarkets, gas, transit, and restaurants...actually not terrible with no AF.

Unfortunately for them I have cards that match/beat anything they have already so there is no point.

Also all of their cards have a $50 minimum redemption threshold which is absurd IMHO. $25 is bad enough, there is no reason to make it $50 except to make it even harder to redeem.

If the largest credit union in the country is making basic mistakes in their card lineup I don't have high expectations for anybody else. In fact the credit unions that are teamed up with Elan are the ones doing it right in my opionion.

[Guyatthebeach]

@swankytiger ,

My guess is SECU doesn't see the value in allocating resources to expanding their credit card offerings with Elan or PSCU. I guess the membership needs to speak up about this and demand more options. When I lived in NC, their Visa had an APR starting at 8.99% with zero fees. 

My primary CU in SC has one card with 1% cash back and a Visa Signature that has 1.25% cash back with no fees. The rates are better, but I always PIF, so it's a mute point.  

Guyatthebeach

[Rekyrts]

I have some limited knowledge (which is essentially what has already been guessed): it is a very, very conservative financial organization. It is a great bank, but quite risk-averse, especially with regards to unsecured lending.