Media Contact: Keith Nolan, President & CEO
NAFCU Service Corporation
(800) 336-4644, x226
knolan@nafcu.org
FOR IMMEDIATE RELEASE
NAFCU Services Corporation (NSC) Selects American Express for Prepaid Card Services
August 25, 2004 – Washington, DC -- NAFCU Services Corporation (NSC) announced today that it has
selected American Express as its Preferred Partner for Prepaid Card Services. The Preferred Partner
title was awarded to American Express after a highly competitive review of this popular product offering
and involved an in-depth analysis of each firm’s experience, quality and commitment to the credit union
industry utilizing NSC’s rigorous Request for Proposal analysis.
“Many credit unions are beginning to offer prepaid cards such as gift cards and travel funds cards. These
cards are increasing in demand and growing at phenomenal rates each year,” explains NSC President and
CEO, Keith Nolan. “In 2003 approximately $45 billion was spent on gift cards alone and this is projected
to increase to over $200 billion in just a few years. This product sector offers a tremendous opportunity
for NSC and NAFCU’s member credit unions.”
It is essential that credit unions have the option to offer both preloaded one-time gift cards as well as
reloadable prepaid cards to their credit union members to meet the rapidly growing consumer demand.
According to Tower Group, the prepaid card business is expected to reach $347 billion by 2007.
“American Express is delighted to partner with NAFCU Services Corporation to meet the various travel
and gifting needs of their credit union members,” said Sean O’Toole, Vice President American Express
Global Travelers Cheques and Prepaid Services.
-more-
American Express Product Features and Benefits:
TravelFunds® Card from American Express is a prepaid, reloadable card with all the safety and security
of Travelers Cheques in a convenient plastic card. The TravelFunds Card can be used at merchants and
ATMs worldwide that accept the American Express® Card, provides travelers with a safe and convenient
way to carry their travel funds, including the ability to obtain a refund, usually within 24 hours, if the card
is lost or stolen, and can be conveniently reloaded by the cardholder. The TravelFunds Card is a cash
alternative that is not linked to the cardholder’s bank account. This further protects the cardholder from
financial theft and loss.
American Express Gift Card is a prepaid card that can be used at retailers and restaurants that accept the
American Express Card throughout the United States. The American Express Gift Card provides a
convenient gift giving experience, allowing the recipient to get what they really want. The card is
replaceable if lost or stolen and is available in amounts ranging from $25 - $500.
About American Express
American Express Company, founded in 1850, is a diversified global financial, network and travel
services provider. It is a leader in charge and credit cards, Travelers Cheques, financial planning, travel,
investment products, insurance and international banking.
American Express is also a leader in prepaid financial products. In addition to the 113-year old American
Express® Travelers Cheque - the preeminent brand welcomed worldwide - the Company also offers the
TravelFunds® Card, Cheques for Two®, Gift Cards, Gift Cheques, the Be My Guest® dining card, as
well as a range of corporate incentive prepaid products through American Express Incentive Services.
About NAFCU Services Corporation
NAFCU Services Corporation (NSC) is a wholly owned subsidiary of the National Association of
Federal Credit Unions (NAFCU). Through a stringent due diligence process, NSC selectively partners
with the credit union industry’s premier providers under NSC’s “Preferred Partner Program”. The
products delivered through these unique partnerships are provided to the credit union industry with
discounted affinity agreements or exclusive member benefits on behalf of NAFCU member credit unions.
The NSC “Preferred Partner” Program currently offers 26 products/services that are available through 20
preferred partners. Learn about the benefits and discounts NSC Preferred Partners provide to credit
unions and their members by visiting www.nafcu.org/nsc.
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