The Worldwide Foundation for Credit Unions has launched a credit card programme that funds its financial inclusion projects across the world.
The foundation – the international and charitable arm of World Council of Credit Union (Woccu) – launched the Global Good Card in 2017 in partnership with Summit Credit Union in Madison, Wisconsin. Other credit unions can now offer the card, and are sharing success stories from Woccu projects around the world.
“A percentage of each purchase made with the Global Good Card benefits Woccu development projects,” said Mike Reuter, executive director of the foundation. “Our mantra is ‘Do Good. Do Global Good.’
“Credit union members who use a Global Good Card will be a part of that by contributing to people’s financial empowerment through the credit union movement.”
He added that any credit union could integrate the card into its product line-up.
“A credit union can integrate it as it would any new card programme, or one that replaces an existing card,” he said. “A credit union can integrate it as it would any new card programme, or one that replaces an existing card,” he said.
Since 2017, Summit Credit Union has issued 2,000 Do Global Good cards, helping to generate more than US$51,000 (£40,568) in support of the Worldwide Foundation. The credit union is donating US$10 (£7.95) for each Global Good Card opened and 15% of all interchange fees on purchases made with the card.
Participating Summit members can also make additional cash donations to the Worldwide Foundation for Credit Unions via their reward points. Summit charges no annual fee for the card and offers members the same benefits as with its existing Visa Platinum Rewards card.
Based on its experience, Summit Credit Union suggests working with existing credit card processors to set up the Global Good Card as a separate BIN (bank identification number).
The Worldwide Foundation has also partnered with Ser Tech, which will help credit unions to market the Global Good Card to members and potential members.
The foundation expects the card to be particularly popular among socially minded millennials.
