Credit Cards

More credit unions drop CUETS.

  • Last Updated:
  • May 4th, 2020 9:47 pm
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Poll: What will TD do?

  • Total votes: 42. You have voted on this poll.
Let CUETS sink
 
40
95%
Compete harder against Collabria
 
2
5%
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Ive noticed that the CUETs website doesn't allow you to apply for any new card anymore. It has been "currently unavailable" for over a week. Wasn't trying to apply, but I was curious what other member institutions were still partnered to CUETs as you can search by letter with their form.

https://apply.choicerewards.ca/applicat ... cale=en_CA

**EDIT** Of course as soon as I post this, it's back, nevermind :facepalm:
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xgbsSS wrote: Ive noticed that the CUETs website doesn't allow you to apply for any new card anymore. It has been "currently unavailable" for over a week. Wasn't trying to apply, but I was curious what other member institutions were still partnered to CUETs as you can search by letter with their form.

https://apply.choicerewards.ca/applicat ... cale=en_CA

**EDIT** Of course as soon as I post this, it's back, nevermind :facepalm:
Any eligible CU? I can't even input a CU name into the text box in the pop-up...
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titaniumtux wrote: Any eligible CU? I can't even input a CU name into the text box in the pop-up...
I think it is a glitch with some update they must have done. I noticed a huge rash of switchover occur. First Calgary is switching October 1. The only place I know of is First Nations Bank of Canada and they aren't even a credit union. I was able to paste the name and it pops up.
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xgbsSS wrote: Ive noticed that the CUETs website doesn't allow you to apply for any new card anymore. It has been "currently unavailable" for over a week. Wasn't trying to apply, but I was curious what other member institutions were still partnered to CUETs as you can search by letter with their form.

https://apply.choicerewards.ca/applicat ... cale=en_CA

**EDIT** Of course as soon as I post this, it's back, nevermind :facepalm:
The link is down again :/

EDIT: This is kinda unrelated but am I the only one who actually likes the design of the choice rewards cards? I think they look nice being all simple and that jazz.
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I took a view of CUETs website and found a way to look up most of the remaining CUETS partner credit unions left. T

his would be as of 27Jun2019. CUETS website application gone. Looks like it's going...

British Columbia None Left
Ladysmith Credit Union

Alberta
Legacy Savings likely will be switching soon due to amalgamation with Connect First (First Calgary, Chinook, Mountain View)
First Calgary
Chinook Credit Union
Mountain View Credit Union

Saskatchewan
Bengough Credit Union
Delisle Credit Union
Earl Grey Credit Union
Horizon Credit Union
Innovation Credit Union website announcing new suite of cards, no ending announcement
Goodsoil Credit Union Amalgamated with Innovation
Pierceland Credit Union Amalgamated with Innovation
Prairie Centre Credit Union
Radius Credit Union
Rockglen-Killdeer Credit Union Announced June 18th, 2019 https://www.rockglenkilldeercu.ca/2019/ ... d-options/
Turtleford Credit Union

Manitoba None left
Casera Credit Union Announced early Jan 2019
Vanguard-Catalyst Credit Union Relaunched as Fusion Credit Union, now partnered with Collabria

Ontario
Taiwanese-Canadian Credit Union

none in the Atlantic left from what I can see

National
First Nations Bank of Canada website now offering Collabria cards
Last edited by xgbsSS on Jun 27th, 2019 2:51 pm, edited 6 times in total.
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It looks like CUETS is completely leaving the CU market based on this text from BlueShore financial. Their switchover date was a bit earlier than some of the other ones, but nonetheless it looks like CUETS will be gone soon
As of August 31, 2018, our former credit card supplier, CUETS Financial, stopped providing credit card services to Canadian credit unions. In light of this, we entered into a new partnership with Collabria Financial, the credit card organization selected by the national credit union system.
https://www.blueshorefinancial.com/Abou ... /05012018/
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Nlcdn18 wrote: It looks like CUETS is completely leaving the CU market based on this text from BlueShore financial. Their switchover date was a bit earlier than some of the other ones, but nonetheless it looks like CUETS will be gone soon



https://www.blueshorefinancial.com/Abou ... /05012018/
That language is odd. You could be right, however that wouldnt explain why they continue to keep signing new cardholders (why incur additional costs of signing new cardholders only to have them reissue brandless cards?). I would also expect CUETs to make an announcement first. CUETs has sent me a letter explaining the partnership with my credit union (1st Choice) ended July 31st, they would send me a non-branded card, and nothing else changes. The only saving grace for CUETs is that frankly their cards were never super competitive to begin with so most current cardholders where their credit union didnt buy out their accounts from CUETs will probably continue to use the card without switching. I dont see too many joining Collabria just because their credit union is offering them.

One thing I did notice is that although most credit unions have switched, most have kept the global payment mastercard partnership with CUETS.
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xgbsSS wrote: That language is odd. You could be right, however that wouldnt explain why they continue to keep signing new cardholders (why incur additional costs of signing new cardholders only to have them reissue brandless cards?). I would also expect CUETs to make an announcement first. CUETs has sent me a letter explaining the partnership with my credit union (1st Choice) ended July 31st, they would send me a non-branded card, and nothing else changes. The only saving grace for CUETs is that frankly their cards were never super competitive to begin with so most current cardholders where their credit union didnt buy out their accounts from CUETs will probably continue to use the card without switching. I dont see too many joining Collabria just because their credit union is offering them.

One thing I did notice is that although most credit unions have switched, most have kept the global payment mastercard partnership with CUETS.
What’s happening with CUETS is confusing. Every credit union is saying different things, some are changing for better products others say CUETS isn’t servicing the credit unions anymore. The only thing we know for sure is that any credit union with CUETS right now won’t be with them past the end of this year. What I can’t understand is why TD hasn’t said what they’re going to do with CUETS. Will they just merge it with MBNA? Will they open up CUETS to anyone who wants a card? Will they just close all the accounts in a year or two? Will they devalue everything (highly unlikely, their 1% return cards all have an annual fee)? Who knows.

As for the credit unions, they’re going to have a very difficult time switching everyone over. People from what I’ve seen hate being pressured into getting credit cards, they usually have one Mastercard and one Visa and rarely want to switch one out for another. Plus the credit unions who switched from MasterCard to Visa are going to have an even more difficult time. Many CU members I’ve talked to have one Visa, don’t want another, prefer to have a Mastercard with their CU but since their CU switched to Visa they don’t want to replace their MC with a Visa.

I’m sure the centrals are kicking themselves for selling CUETS back in 2007, because a provider switch would have been easier had they still owned the company. Not to mention if they still owned the company they could have changed it to be more like Collabria, without needing Collabria in the first place. I’m not sure why they sold CUETS to MBNA in the first place, seems like a bad idea with how profitable credit cards are.
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jacnel wrote: What’s happening with CUETS is confusing. Every credit union is saying different things, some are changing for better products others say CUETS isn’t servicing the credit unions anymore. The only thing we know for sure is that any credit union with CUETS right now won’t be with them past the end of this year. What I can’t understand is why TD hasn’t said what they’re going to do with CUETS. Will they just merge it with MBNA? Will they open up CUETS to anyone who wants a card? Will they just close all the accounts in a year or two? Will they devalue everything (highly unlikely, their 1% return cards all have an annual fee)? Who knows.

As for the credit unions, they’re going to have a very difficult time switching everyone over. People from what I’ve seen hate being pressured into getting credit cards, they usually have one Mastercard and one Visa and rarely want to switch one out for another. Plus the credit unions who switched from MasterCard to Visa are going to have an even more difficult time. Many CU members I’ve talked to have one Visa, don’t want another, prefer to have a Mastercard with their CU but since their CU switched to Visa they don’t want to replace their MC with a Visa.

I’m sure the centrals are kicking themselves for selling CUETS back in 2007, because a provider switch would have been easier had they still owned the company. Not to mention if they still owned the company they could have changed it to be more like Collabria, without needing Collabria in the first place. I’m not sure why they sold CUETS to MBNA in the first place, seems like a bad idea with how profitable credit cards are.
My guess is that different credit unions in different regions may follow directions from the central. For instance, Atlantic Credit Unions follow similar product structures systemically. Just take a look at their different websites. If you hadn't looked at the name on the webpage, you would almost say they are the same company. So if Atlantic Credit Unions say they cannot offer it anymore, that could be due to the central or controlling central's decision hence why CUETs doesn't offer the product anymore. I am not familiar with Atlantic credit unions, so I am merely guessing.

I think selling CUETs to MBNA was supposed to improve credit cards services and bring better choice for the credit union system. CUETs was owned by Alberta and Sask Centrals and they didn't really have any know-how or sense in running credit cards.
https://www.newswire.ca/news-releases/m ... 35571.html

I think in the end, MBNA/TD did nothing to really change the credit cards and probably used it as a cash cow considering those that signed for CUETs merely did so because their credit union offered the card. I think the credit unions got fed-up and they approached Desjardins.
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xgbsSS wrote: My guess is that different credit unions in different regions may follow directions from the central. For instance, Atlantic Credit Unions follow similar product structures systemically. Just take a look at their different websites. If you hadn't looked at the name on the webpage, you would almost say they are the same company. So if Atlantic Credit Unions say they cannot offer it anymore, that could be due to the central or controlling central's decision hence why CUETs doesn't offer the product anymore. I am not familiar with Atlantic credit unions, so I am merely guessing.

I think selling CUETs to MBNA was supposed to improve credit cards services and bring better choice for the credit union system. CUETs was owned by Alberta and Sask Centrals and they didn't really have any know-how or sense in running credit cards.
https://www.newswire.ca/news-releases/m ... 35571.html

I think in the end, MBNA/TD did nothing to really change the credit cards and probably used it as a cash cow considering those that signed for CUETs merely did so because their credit union offered the card. I think the credit unions got fed-up and they approached Desjardins.
Yeah it's probably due to the centrals, I know for a fact that in the Atlantic region everything is standardized. Card design, product offerings, hell even the credit union logos are all the same. The only credit union who doesn't follow that standard is CUA who largely does their own thing. Ontario is much more different, every one of our credit unions is unique, some use the standard card design others don't. The product offerings are all different, it's really interesting.

As for CUETS I see what they were going for with the sale. They wanted a private company to come in and really change how they did credit cards. However, I feel like this thinking was way too positive. It's well documented that when you sell something to the private sector, it will most likely not work how you want it to, and TD's handling of CUETS is a prime example of this.

Collabria was started to change this, but maybe not selling CUETS in the first place would have made it easier.
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How surprising that they would eventually sour on TD. They were really stupid in thinking that a bank would work in their best interests.

Desjardins already provides credit card services and a lot of the backend infrastructure to credit unions all over the country, and they are a credit union themselves, so they are a much better fit.

Although ironically, their own credit cards are much worse than Collabria.
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Poutinesauce wrote: How surprising that they would eventually sour on TD. They were really stupid in thinking that a bank would work in their best interests.

Desjardins already provides credit card services and a lot of the backend infrastructure to credit unions all over the country, and they are a credit union themselves, so they are a much better fit.

Although ironically, their own credit cards are much worse than Collabria.
To be fair MBNA at the time was separate and was a Bank of America subsidiary that actually put out competitive products like Starwood Preferred Guest and Smart Cash.

Desjardins has the marketing know-how and background to support credit card processing and marketing. The reason why Desjardins cards suck is because Quebecois are so loyal to the brand that Desjardins doesnt even have to compete and they will have customers.

EDIT: Bad grammar sorry!
Last edited by xgbsSS on Oct 1st, 2018 2:19 am, edited 1 time in total.
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xgbsSS wrote: To be fair MBNA at the time was separate and the Bank of America subsidy that actually put out competitive products like Starwood Preferred Guest and Smart Cash.

Desjardins has the marketing know-how and background to support credit card processing and marketing. The reason why Desjardins cards suck is because Quebecois are so loyal to the brand that Desjardins doesnt even have to compete and they will have customers.
+1

Not only that, but they offer the worst US issued credit cards. It's bad enough that Quebecers have horribly uncompetitive banking in QC, that the snowbirds who bum around in Florida flock to Desjardins even South of the border.
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Collabria isn't completely owned by Desjardins I believe but they do provide the payment processing backend.
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xgbsSS wrote: That language is odd. You could be right, however that wouldnt explain why they continue to keep signing new cardholders (why incur additional costs of signing new cardholders only to have them reissue brandless cards?). I would also expect CUETs to make an announcement first. CUETs has sent me a letter explaining the partnership with my credit union (1st Choice) ended July 31st, they would send me a non-branded card, and nothing else changes. The only saving grace for CUETs is that frankly their cards were never super competitive to begin with so most current cardholders where their credit union didnt buy out their accounts from CUETs will probably continue to use the card without switching. I dont see too many joining Collabria just because their credit union is offering them.

One thing I did notice is that although most credit unions have switched, most have kept the global payment mastercard partnership with CUETS.
According to this CU: https://luminusfinancial.com/Personal/N ... ETSNotice/

It appears CUETS is winding down as per a recommendation by a national credit union committee.
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Here2day2 wrote: According to this CU: https://luminusfinancial.com/Personal/N ... ETSNotice/

It appears CUETS is winding down as per a recommendation by a national credit union committee.
CUETS is winding down their data transaction system with Central 1 which covers BC and Ontario credit unions. This would explain why the notice is saying that past transactions on their MemberDirect banking will no longer have CUETS info.

"CUETS Financial recently announced the difficult decision to wind down their division, due to a recommendation by a national credit union committee, and for credit unions to use a different provider for credit card products and services going forward.
As a result, effective October 1, 2018, Central 1 will no longer have access to CUETS Financial credit card transaction data. This means that members will not be able to access their CUETS Financial credit card transactions in MemberDirect. Further, per our contract with CUETS Financial, after this date, Central 1 is required to remove all historical credit card transaction data received from CUETS Financial
"

and

"From CUETS Financial Online Banking (https://www.cucardsonline.com/EN/): Continue to access your historical and future credit card transactions after October 1, 2018, by using your current login credentials for CUETS Financial Online Banking. If you are not currently enrolled, you can visit cucardsonline.com and click the “New User/Enroll Now” link"

CUETs as of today Oct 5th, 2018 is still taking applications. As of right now, CUETs itself isn't shutting down, although I would not be surprised if TD decides to pull the plug.
https://www.choicerewards.ca/cards/overview/index.jsp

CUETS also is still actively taking applications for more institutions to partner with them
https://www.choicerewards.ca/about-cuet ... th-us.form
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SCU CUETs cardholders have their cards de-branded, meaning it's CUETs only now. SCU offers their members who "had" their CUETs card to do a balance transfer to their new Collabria card.

Looks like CU's wanna aggressively switch to Collabria.
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titaniumtux wrote: SCU CUETs cardholders have their cards de-branded, meaning it's CUETs only now. SCU offers their members who "had" their CUETs card to do a balance transfer to their new Collabria card.

Looks like CU's wanna aggressively switch to Collabria.
Most credit unions did this. Mine did. But in some cases, the Credit Union bought-out the CUETS accounts and had them automatically switch to Collabria.
https://www.valleyfirst.com/Personal/Bo ... ransition/
https://www.blueshorefinancial.com/Tool ... tCardFAQs/

I think this is mostly BC and Ontario credit unions which utilized the CUETS framework on their online banking. Frankly, I'm surprised many credit unions didn't do this, or at the very least give an incentive in switching. I'm curious to see if there will be data in regards to how much business CUETS will actually lose in the end. My plan is to read the next few TD quarterly reports to see if we see any drop-off in credit card revenues.
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