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Article: Why Some Are Moving To Variable-Rate Cards.(General News)
- Article from:
- Credit Union Journal
- Article date:
- October 12, 2009
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Joyce Moed
TUKWILA, Wash.-Aaron Bresko, VP of lending at the $8.6-billion BECU, and vice-chair of the CUNA Lending Council, is among those who believe credit unions will largely avoid increases in how they price their card products.
Rich Jones, VP, marketing with the $921-million Elevations CU in Boulder, Colo., agrees.
"I have not seen [credit unions] trying to get ahead of the legislative curve," Jones said.
Instead, noted Bresko, "What we're doing-we're changing our fixed-rate cards to variable-rate cards."
Bresko said the words "variable rates" tend not to raise red flags with members, but it's still important for ...