DES MOINES, Iowa (1/15/16)--Three credit union partners of TMG Financial Services (TMGFS) have expanded their credit card programs to include the TMGFS new Secured MasterCard.

Greater Nevada CU, Carson City, Nev.; St. Cloud (Minn.) FCU; and Mill City CU, Minnetonka, Minn., each worked with TMGFS to begin accepting Secured MasterCard applications.

The secured-card product was introduced by TMGFS in February 2015 and is helping several of the agent-issuer’s partners say “yes” to more consumers.

The goal of a secured-card program is to help the card member build or rebuild credit, and eventually, work his or her way into a traditional credit card, or even a car loan or a home mortgage.

“Millions of consumers are denied credit cards each year, yet for community financial institutions and their customers, the sting of ‘no’ is felt more deeply,” said Corey Skadburg, TMGFS’ senior credit and risk manager. “A secured credit card is just one way credit unions and community banks can approve more consumers. Not only does this avoid the discomfort of ‘no,’ it helps the financial institution earn revenue, grow its customer base and most importantly, live out its mission.”

The card, which comes with a low annual fee, works by allowing the card member to secure funds with his own cash deposit. That cash deposit becomes the credit line for the account. If a card member is able to put $500 into the account, for example, he can then charge up to $500 on his secured card.