Several market conditions ranging from the decreasing availability of credit to the increasing distrust of banks are boosting the popularity of reloadable cards.

Since the inception of the reloadable card, pricing has been all over the map. And now that Walmart has entered the reloadable market, what consumers expect to pay for these safe and convenient methods of payment is lowering by the day.

Currently, Walmart promises an “across-the-board” fee of $3, meaning everything from card purchase to their monthly use fee is $3. (Of course, there are few other, higher fees disclosed upon purchase of the card.)

In anticipation of a dynamic fee environment, TMG built its reloadable card program with a customizable fee model for any credit union adding ATIRAreload to its plastic product line up.

With this flexibility, our CUs can decide how aggressively they want to compete with other reloadable card providers in their local communities, including WalMart.

Do you want to charge a fee for the purchase of the card? What about reloading fees? With ATIRAreload, you decide.

Before you feel the pressure to sink to Walmart’s level, consider your market. Who are you hoping to attract with the reloadable product? Which providers are they currently using and what have they been paying? Can you save them money while increasing their service and forming a new relationship?

Also remember, pricing isn’t everything. Consider how you will also compete in terms of service and safety.

For more information on how reloadable cards can attract new members to your credit union, check out our white paper “Reloadable Cards – It’s All in the Marketing.”