Credit unions have historically stepped up to provide financial services to creditworthy borrowers when times are tough.

The current economic condition has some lenders tightening policies, resulting in less competition in what is commonly the most competitive loan product: credit cards.

Here are four ways you can enhance your credit card portfolio to provide the right products, right now:

1. Provide multiple card types

According to Motley Fool, almost 60% of Americans carry a cash-back card and 30% carry a low-interest card.

Offering multiple products that fit members’ needs increases the likelihood your card will be top of wallet.

Data-driven enhancement: Offering multiple cards is good. Be great by understanding which borrowers are most likely to be interested in a cash-back or rewards card, and which are most likely to be interested in a low-rate card.

2. Offer a balance transfer program

Having a balance transfer program with any new card may incentivize a member to move to your card. Make sure the balance transfer rate discount is low enough and long enough for members to be encouraged to open a card with your credit union.

Data-driven enhancement: If there’s no balance on cards with other financial institutions, there’s nothing to transfer. Understanding how your borrowers use credit will allow you to focus on high-probability targets and increase your marketing ROI.

3. Credit limit increases

Credit line management is an instrumental tool to provide more purchasing power to your members. The increased spending power will provide liquidity to your member during a time they may need it most.

Data-driven enhancement: Ability to pay requirements make data a must in offering credit line increases. Improve your success by understanding precisely what credit limit you must offer to maximize your likelihood of moving to the top of your borrower’s wallet.

4. Adjust lending policies

Delinquency in your card portfolio can be too low due to strict lending policies and that could indicate you are keeping cards out of the hands of creditworthy members. The interest income generated in a card portfolio can support higher levels of delinquency and charge-offs, providing returns that are better than most other loan products.

Data-driven enhancement: Quantify your profitability by segmenting your cards, rates, and charge-offs at the loan level. Use this information to make data-driven decisions that maximize the aggregate value you’re providing your membership.

Enhancing your credit card program with data-driven solutions can provide value to your members at a time when they need it most.

JOHN WAGNER is analytics manager at 2020 Analytics, a CUNA Strategic Services alliance provider.