Inclusiv and Nickels Partner to Help Credit Union Members Reduce High-Cost Third-Party Credit Card Debt

May 3, 2023, New York, NY and Ann Arbor, MI - Inclusiv, the national network of Community Development Credit Unions (CDCUs), and Nickels, the Credit Union Service Organization (CUSO) that helps credit unions identify third-party card revolvers resulting in improved credit card health for its members, announced a partnership today aimed at helping credit unions help their members reduce interest and fees on credit card debt. Currently, Americans are paying more than $110 billion to the largest credit card issuers in interest and fees on credit card debt alone. Inclusiv members will get discounted access to Nickels’ Checking Account Analysis and Credit Card Coach products, which can be used by credit unions to analyze their member’s checking account data to identify which members are paying the major card providers and then analyze the payment patterns from each member to each card provider to infer who is revolving on third-party credit card debt. Using this analysis, Nickels then creates tailored marketing playbooks for credit unions to help members refinance their debt into lower interest loans, ultimately growing the credit union’s most profitable loan portfolio while saving members money in avoided interest and fees.

“Credit cards are, dollar for dollar, one of the costliest debt categories in the country, and the high cost of this debt decreases the financial opportunities for credit union members,” said Joseph Gracia, CEO of Nickels. “Nickels’ mission is to empower credit unions to take control of their members' credit card debt. Joining forces with Inclusiv will help us to tackle this problem for even more Americans and help people improve their financial health.” “Our partnership with Nickels is another way Inclusiv is creating opportunities for our member CDCUs to better serve their community members, especially those who are being crushed by the weight of high fees and interest from revolving third-party credit card debt,” according to Peter Rubenstein, VP of Technology, Innovation and Analytics at Inclusiv.“Through Nickels’ innovative Checking Account Analysis product, our member credit unions can expand access to safe and affordable financial products in a highly targeted and efficient way.”

Nickels has helped more than ten credit unions and banks refinance millions of dollars in members' third-party card debt. Recently, one Inclusiv credit union successfully targeted just over a quarter of its members and refinanced over $4m in personal loans in 30 days. To learn more about this partnership and how Inclusiv members can access their discount, email connect@nickels.us. For media inquiries, contact: Pierce Sloan, Demand Generation Manager, Nickels Peter Rubenstein, VP of Technology, Innovation & Analytics, Inclusiv

About Inclusiv

Founded in 1974, Inclusiv empowers its member credit unions to advance financial inclusion for everyone through advocacy, education, technology, and investment initiatives designed to create wealth-building opportunities in communities excluded from the financial mainstream. Inclusiv was instrumental in establishing the Community Development Financial Institutions (CDFI) Fund in 1994, is a certified CDFI intermediary, and a permanent member of the national CDFI Coalition.

About Nickels

Nickels is a CUSO that helps banks and credit unions take control over their consumers' third-party credit card debt. Founded in Ann Arbor, MI, and developed in collaboration with the ideas42 Venture Studio, their mission is to improve consumers’ credit card health. They do this, in part, by identifying those that are credit card revolvers with the major banks and helping credit unions refinance that third-party credit card debt into their own lower interest products. Nickels also offers Credit Card Coach, a white-label web app that redesigns the credit card experience to improve members credit card health, regardless of which credit cards they choose to use.  For more information, please visit nickels.us.