Texas Dow Employees Credit Union (TDECU) and Dallas-based TNB Card Services have launched a credit card that blends revolving and non-revolving credit to offer Triple the Buying Power. TDECU said that the Onyx card, created specifically for TDECU members, was developed to compete against elite card brands.
The Onyx card targets members with credit scores of 720 and higher. A cardholder with a $10,000 credit limit can access up to three times the line of credit, for purchasing power up to $30,000. The first $10,000 is on a revolving limit, like a traditional credit card, in which the balance due can be paid in full each month, or revolve with interest. The remaining balance, or non-revolving credit, is due in full at the end of each billing cycle.
Ron Wright, Vice President of payment systems for TDECU, said: “We don’t just want a credit card. We want to offer an experience card.”
Darby McDermott, account executive with TNB Card Services, said: “We also deployed an advanced behavioral scoring system to routinely monitor cardholder credit and automatically set new spending thresholds based on evolving credit score.”
