DES MOINES, Iowa—TMG Financial Services announced it is diversifying its product offerings and reaching out to new consumer segments.
New products and services making their debit include Serenity MasterCard – a non-rewards MasterCard with a slightly lower APR for consumers not interested in rewards – and Secured MasterCard – a credit card account secured by a cash deposit. In addition, TMGFS began issuing EMV chip-enabled credit cards in February.
TMGFS stated that its credit card portfolio continues to grow, and during 2013-2014 experienced year-over-year upticks in balances, accounts and sales.
“Specifically, balances experienced 15% growth, while accounts and sales each grew by 12%,” the company explained. “In addition to these metrics, TMGFS ranked No. 70 in Nilson’s ratings of Visa and MasterCard credit card issuers in 2013, and No. 67 in 2014.”
TMGFS ranked as the 30th largest MasterCard issuer in 2014. The company pointed out it achieved 100% 2014 contract renewal rate with its existing partners.
Among partners that have recently renewed with TMGFS is the $303-million Mill City Credit Union in Minnetonka, Minn., which emphasized TMGFS’ business model and culture as a key driver of its decision to continue the partnership.
“It’s important for us to support the overall credit union movement when possible,” said Mill City Vice President/COO Mitch Myre. “TMGFS conducts its business in the same way we do – with the primary focus on creating financial success for members instead of on the bottom line. The Mill City and TMGFS teams have a connection and a camaraderie that lead to a very effective collaboration to take care of member needs.”
TMGFS is also adding its Advisory Services business line, which will allow financial institutions and other credit card issuers to take advantage of TMGFS’ team of experts.
“The team will apply its knowledge and experience in everything from underwriting and collections to marketing and data analytics to enhance existing credit card portfolios not owned by TMGFS,” the company said.