According to 2024 Federal Reserve data, over 80% of American adults have at least one credit card. Most of those cards are from big banks even though credit union cards tend to have lower rates and less fees. With rising consumer debt and knowing that credit cards can drive member loyalty and increase depth of relationship, this presents an incredible opportunity for credit unions to increase their share of wallet among card holders. The problem is when consumers are searching card comparison sites, credit unions are typically not featured. To address this, FiLab partnered with CardFit to test whether a credit union focused comparison platform can improve discovery, better match applicants to credit criteria, and generate new member growth.
Executive Summary
This report highlights testing the effectiveness of CardFit’s comparison platform in improving engagement and driving new member acquisition through credit cards by answering the following questions:
- How does the CardFit comparison experience impact digital engagement, including visits, soft credit pulls, and application click-throughs?
- Does CardFit help credit unions acquire new members through credit cards, and do those members remain engaged beyond initial signup?
- How effective is targeted digital advertising in driving qualified traffic, and how does performance vary across markets?
Across a six-month pilot with seven credit unions, CardFit generated strong initial engagement but limited conversion to applications and approvals. Results indicate that performance was constrained by a high volume of unqualified applicants and misalignment between marketing reach and credit-qualified demand.
While direct acquisition impact was limited, the pilot generated actionable insights into funnel performance, targeting effectiveness, and internal processes, highlighting where credit unions can focus to improve digital acquisition outcomes going forward.
Credit Union Implications
Credit card acquisition through digital channels is increasingly important, but also more complex, as credit unions compete for visibility while managing credit risk and conversion efficiency. High engagement alone does not translate into growth if applicants do not meet underwriting criteria.
Testing results suggest that a comparison-based acquisition approach, like CardFit, may help credit unions:
- Increase visibility and engagement among consumers actively comparing credit options
- Reduce operational burden by filtering out clearly unqualified applicants earlier in the funnel
- Generate insights into funnel performance, including where and why applicants drop off
- Identify gaps between marketing reach and credit-qualified demand to refine targeting strategies
- Surface opportunities to improve internal processes, including underwriting alignment and onboarding experience
For institutions evaluating digital acquisition strategies, the findings indicate that improving targeting precision and aligning marketing with credit criteria are critical to driving results. While direct acquisition impact was limited, the pilot highlights where focused changes can improve conversion and support more effective credit card growth.
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This report is currently only available to sponsors of FiLab.
A special thank you to our participating credit unions for their contributions to this research.
