The
EZ Launch credit card option is brought to your credit
union through a partnership of the Georgia Credit Union
Affiliates and the Illinois Credit Union League Service
Corporation. The credit card processor is Fidelity National Information Services, Inc. (formerly Certegy Card Services).
There
is no one-time cost to start this program.
The
implementation time of this program is @ 12 weeks.
The
credit card plastics can be branded with your credit union
logo or name or the generic name – Services Credit
Union.
Loan
decisions, funding of receivables, loan losses, maintaining
a credit card database, chargebacks, lost/stolen calls,
fraud monitoring, fraud case filing, accounting, member
service, and marketing are handled by ICUL Service Corporation.
5%
of the finance charge income will be refunded to your credit
union by ICUL Service Corporation monthly.
Participating
credit unions will be given applications and marketing materials
that should be displayed at their credit union.
Participating
credit unions are required to forward a file with the names
and addresses of all of their members quarterly to ICUL
Service Corporation for marketing purposes. ·
ICUL
Service Corporation will never use your credit union membership
list to market any other product to members other than credit
cards.
Your
credit union can make an offer to purchase their credit
card portfolio back from ICUL Service Corporation after
two years.
If
your credit union merges with another credit union, ICUL
Service Corporation could sell your existing credit card
portfolio to the surviving credit union. If your credit
union is the survivor and the other credit union also has
a credit card program, ICUL Service Corporation could review
their portfolio and make an offer to buy it. It could then
be merged into your card portfolio.
Since
statements, letters and other correspondence will be branded
with the generic Services Credit Union logo, a letter of
explanation of your partnership with this credit union entity
will be sent to your members. It will explain that in an
effort to give competitive credit card program options to
your members, you have made the decision to partner with
a credit union credit card provider.
Interest
rates and credit limits offered to qualified members will
be based on reward-based lending.
Three
card programs will be available to members – Visa Classic,
Visa Platinum and Visa Platinum Preferred (with ScoreCard
Bonus Points redeemable for rewards and travel options,
$1,000,000 Travel Accident Insurance and 24 X 7 member service).
Interest
rates are variable and range from 8.99% to 17.99%.
For more
information, please call GCUA at (770) 476-9625 or (800) 768-4282,
or e-mail Lending@gcua.org.
