Houston credit union PrimeWay Federal has partnered with Elan Financial Services to provide members with credit card products and services.

This will give PrimeWay a way to offer top-of-the-line credit products, maintain their customer service level, and save money by reallocating internal resources toward other areas of service, such as compliance, research, and development.

Various card products that may be offered include travel rewards credit cards, balance transfer cards, low APR and introductory zero APR cards, and cash back credit cards. Debit cards and prepaid cards, while not credit products, are also offered by many credit unions, and managed by companies like Elan Financial Services. Many of the payment cards offered by Elan and by credit unions or banks are also readily available online.

Credit unions versus banks

Credit unions have become increasingly popular in the past several years, as many customers search for alternatives to big banks that charge fees for checking accounts, as well as for things like accidental overdrafts or using foreign ATMs.

A credit union differs from a bank in that its members own it, not by outside commercial investors. Members are more active in the running of the credit union, and have a greater stake in the success of the institution. When looking for a financial institution that’s right for them, many people choose a credit union rather than a traditional bank, hoping for a more personal touch and closer involvement with their finances.

Keeping up with technology

One thing that makes it tricky for smaller credit unions to offer a full range of great credit products is that the technology keeps advancing so quickly. “The card payments field remains challenging given the introduction of emerging technologies, the constant need for security enhancements, and an evolving regulatory environment,” said Matthew Carpenter, market director for Elan credit cards.

Elan has been in the payments space for nearly 50 years, and offers service to thousands of financial institutions. They have more than 300 active partnerships with credit unions around the nation. PrimeWay Federal Credit Union has been in business since 1937 and serves the greater Houston area.