... card tricks!
😎 Been called out by a few commenters lately for "stalling" with the content of this blog - rightfully so. But, hold tight the daffodils start blooming shortly...
If you've been following along, you've seen several inklings that the much-touted, oft-proposed SECU "REWARDS" credit card is another pig-in-a-poke "innovation" from the "New/New". New, state-of-the art idea? Of course not, been around forever. "Raise your hand" if you already have a rewards credit card.
See! National statistics indicate that you and everybody else in the U.S. currently has at least two (2.3 actually!) rewards cards in their wallet - whether electronic or leather.
Is the "New/New" Rewards card going to offer SECU members something new, something different, something creative? Apparently not... just shooting for"industry standard" as usual.
Going to make for an interesting - perhaps even enlightening - discussion for members to evaluate. Stay tuned for the discussion and the daffodils...
✅ While you're waiting, a commenter suggested the following video about rewards cards for every SECU member to consider:
The one thing I need most from SECU right now is... another credit card?
Yep! Sure do need one, with no frills and excellent rates. Where is that card? hmph! Done away with back in the Gym Daze and never brought back. Just like everything else that this board has approved. Does this board represent us??
ReplyDeleteRewards card is the most asked for product by our members.
DeleteWhat were the other choices you gave them?
DeletePersonally as a member, don't remember being asked - nor does anyone else I've talked to... when was that member poll taken?
Can you publish a copy?
https://video.search.yahoo.com/yhs/search?fr=yhs-mnet-001&ei=UTF-8&hsimp=yhs-001&hspart=mnet¶m1=3093¶m2=84460&p=video...going+down.+down&type=type9014486-spa-3093-84460#id=3&vid=87ff1c50749f428c4e53841c3f013f88&action=click
ReplyDeleteWere you not just complaining that SECU had not rolled out anything new to members. How dare we provide a rewards card that rewards our members.
ReplyDelete6:44pm "New"???? Guess you missed that stat that everyone in the Country already has 2.3 reward cards.
DeleteWayne Gretsky didn't say to skate to where the puck has been... especially after the game is long over.
Why not try to invent the next game, rather than than recycle the past?
what about those members who want the low rate card back? How many of those were there that got ignored?
ReplyDeleteIf you are saying you give members what they want, bring back same best rate for all members. Start doing a better job vetting the loans. Stop letting third party algorithms determine loans.
ReplyDelete@9:15. good concept, except the majority of members don't want one rate for all (not best rate, BTW). Members who are responsible with finances and credit were tired of being penalized by their member-owned cooperative
ReplyDelete"Majority" ?? Want to show me that stats on that? I'm calling BS
Delete@11:40. fair enough. no survey exists that shows the majority of members want it.
Delete1:07pm The truth doesn't come as a surprise...
DeleteHow long are you going to continue spouting this lie? Next month will be 2 years of race based lending, wheres the influx of A paper loans that was used to justify discriminating against people? Any increase was minimal at best and destroyed by the massive increase in loan losses.
DeleteDon't have time to search but there's a graph which clearly showed the portfolio was pretty evenly balanced before. That hasn't changed. Also recall a graph put forth by loan admin which showed losses by tier. Yes, they were higher by percentage, but the actual dollar loss amount before race based lending was the same between A paper and those E paper members.
This has been the case forever. Lower credit loans have taken more resources forever. Even with that, somehow SECU became the second largest credit union in the country? 85 years of treating ALL members honestly and equally, with a proven track record of growth and success VS 3 years of ........
11:21am Why don't you show us that vote? (Hint: It doesn't exist?)
ReplyDeleteIf you'll publicly ask SECU members to raise our hands, you'll find that if you offer the A-tier "best rate" to all members few will object. If I get the A-tier rate, why should I object to others getting it too? What's my problem?
Be sure to help the rest of us better understand your biases by documenting them ... look forward to a copy of your survey.
"...problem is it was never the best rate for all,..."
Delete1:12pm Ok maybe so...but how does one get you to stop wallowing in the past?
DeleteTalking about right now, today, 2025 - the "New/New" era - why not give all members our "New/New" A-tier rate?
Can't make your soaring loan losses any worse can it? Think your net loss on "New/New" lending was @ $233 million... just in 2024.
Losses could get worse, actually.
Delete1:37pm Ah, more truth telling!
DeleteYes everyone but the SECU Board seems to know that.
But thanks for admitting it.
This whole industry standard thing you harp on every day is stupid. SECU shouldn't, and doesn't, aspire to deliver industry standard results. A broad point you miss is that SECU has or had major gaps in products and services compared to what others offer.
ReplyDelete1:28 pm This comment reminds me of the "no formal proposal proposal" claim by a former Board chair about his shenanigans with LGFCU in 2021!
DeleteSECU doesn't aspire to "industry standard"? Yet the justification of REWARDS cards is that "...SECU has or had gaps in products and services compared to what others offer."
"... compared to what others offer." Pardon the bewilderment, but isn't that a comparison to "industry standard"?
SECU offered MORE services than almost any other credit union in the country, with all services offered in all branches. But what was not offered was tiered treatment of members. Some members were not more important than other members. It does seem to make the commenter feel more important than most of us poor plebes, to imply that it is money mismanagement that causes SECU to kick members when they are down and allow no recourse for appeal.. tough it out...members brought it on themselves... don't give them a hand up, they might get on their feet financially and then who will pay for my credit card rewards?!
ReplyDelete@1:41. pretty big leap here. You can chose not to penalize people with good credit and financial management without kicking others while they are down.
DeleteThanks...thought that was all that ever needed to be said.
DeleteAn A-tier rate for all members does just that without the discrimination baggage and with a true cooperative CU approach. Would go a long ways toward restoring respect for the CU by all members.
There is no discrimination baggage. Discrimination is legal. RBL isn’t.
DeleteSECU needs to decide if it wants to be a bank or a credit union. Straddling the fence isn't going to work.
ReplyDeleteIn no way whatsoever are we a bank.
DeleteHow do we know?
Deleteour charter, for one. is that even a serious question?
DeleteIf it looks like a duck and quacks like a duck...
DeleteThen it’s a hillbilly with a duck call!
Delete