TCM Bank has announced that the Visa Signature Travel Consumer Credit Card is being added to its product lineup.
Visa’s spring 2018 market outlook report shows that consumers are spending more on travel and experience-based purchases, with affluent households (income of $150,000+) and older Americans spending the most in these areas.
In fact, affluent households are spending $883 more for these purchases compared to seven years ago, while consumers 55 or older comprise 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,” said TCM Bank president and CEO Damon Moorer. “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 complement consumers’ desire for leisure, comfort and convenience-based products and services.”
Visa Signature cardholders will have access to TCM Bank’s U.S.-based customer service representatives. The card does not have an annual fee.
With nearly $300 million in assets, TCM provides credit card services for community banks, including consulting, portfolio acquisition, product development and agent bank sponsorship. Its Total Card Management program enables banks to promote their branded cards while limiting their exposure to risk and expense.
“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 Noah Wilcox, TCM Bank chairman and president, CEO and chairman of Grand Rapids State Bank in Grand Rapids, Minnesota. “In light of today’s economy, this new product offering will undoubtedly be well-received by community bank customers.”
TCM is a subsidiary of ICBA Bancard, which is the payments services unit of the Independent Community Bankers of America (ICBA). Recently, ICBA announced that its client banks can now access the NYCE Payment Network’s point-of-sale (POS) and ATM debit card services, providing consumers with secure, real-time access to their money at millions of POS locations and hundreds of thousands of ATM locations around the country.