Visa Signature product addresses today’s consumer spending patterns
Washington, D.C. (April 25, 2018)—TCM Bank, N.A., a subsidiary of ICBA Bancard®, announced the addition of the Visa® Signature Travel Consumer Credit Card to its product lineup. The new product helps community banks be responsive to consumers’ evolving payment needs and lifestyle choices.
Consumers are spending more on travel and experience-based purchases, with affluent households and older Americans driving this growth, according to Visa’s Spring 2018 Market Outlook report. Travel exemplifies this shift to quality-of-life spending with affluent households ($150,000+ income) spending $883 more for these purchases compared to seven years ago. Consumers aged 55 or older represent the largest increase in quality-of-life spending at 30 percent, or 19 percent of total affluent households.
“TCM continues to evolve and look for ways to enhance and add product features that fill a need for community bank customers,” TCM Bank President and CEO Damon Moorer said. “Visa Signature cards offer attractive rewards, redeemable for merchandise, lodging and travel, along with perks like concierge service, hotel discounts, travel and lost luggage insurance that compliment consumers’ desire for leisure, comfort and convenience-based products and services.”
Visa Signature is supported by TCM Bank’s U.S.-based customer services representatives and carries no annual fee. As the credit card issuer, TCM assumes all risk associated with card issuance.
“TCM helps community banks build and strengthen customer relationships with convenient payment options that are ideally-suited for today’s on-the-go customer,” explains TCM Bank Chairman Noah Wilcox and president, CEO and chairman of Grand Rapids State Bank in Grand Rapids, Minn. “In light of today’s economy, this new product offering will undoubtedly be well-received by community bank customers.”
About ICBA Bancard & TCM Bank. N.A.
ICBA Bancard® is the wholly owned payment services subsidiary of the Independent Community Bankers of America. ICBA Bancard’s community bank issuers generated $26 billion in sales volume in 2017 and are ranked collectively as the 25th largest credit card portfolio in the United States. Through ICBA Bancard, banks provide competitive payments solutions and ICBA Bancard provides exclusive services to issuers including its Fraud Loss Protection Plan, marketing support and product education. With nearly $300 million in assets, TCM Bank, N.A., a subsidiary of ICBA Bancard, provides credit card services for community banks including consulting, portfolio acquisition, product development and agent bank sponsorship. Through its Total Card Management® program, TCM helps banks promote their branded cards while limiting their exposure to risk and expense. For more information, visit www.icbabancard.org.