Brokers win unsecured credit card program

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Brokers are gaining an extra revenue stream with an unsecured credit card program Dominion Lending Centres is ready to drop next month, according to the mortgage broker network.

“Our Visa credit card program is a wonderful incentive for both brokers and their clients,” DLC President Gary Mauris told MortgageBrokerNews.ca. “The cards offer user very competitive rates and our brokers earn residual incomes in perpetuity.”

The program will officially launch in November and allow DLC brokers to offer past and current clients exclusive DLC-branded Visa cards, Mauris said. He’s not prepared to divulge exact details on broker remuneration.

With the slowing housing market, many brokers have been seeking alternative revenues sources.  For instance, some broker networks are offering income-generating programs such as GIC referral opportunities, while other brokers have ventured into cross-selling other financial services.  Some lenders are also tweaking their compensation programs to attract more brokers.

The DLC program aims to provide brokers with a high-value marketing tool that serves as an additional revenues stream as well, he said.

“This is our way of providing brokers/owners and agents a viable cross selling program and a client retention tool that offers an opportunity to cultivate a deeper relationship with their client,” Mauris said. “Every time that client pulls out this card from the wallet, he or she will see that DLC label.”

The exclusive program inked with Visa is the mortgage industry’s first unsecured credit card program, according to the DLC chief. Classic, Low Rate, No Fee, Student and Travel cards are included in the program.

Eligible brokers will be given full training and support to handle the handle the distribution of the cards and will also earn special agent Visa BONUS Dollars, according to DLC.

  • Stephane Prevost DLC Alliance on 2012-10-05 4:06:16 AM

    Glad to see its unsecured!

  • Cory on 2012-10-05 4:26:45 AM

    Another DLC story which does get old, BUT. This is a great piece of information. Good job DLC, this is something I have been suggesting our industry needs for years. I am glad to see it has come to fruition. Next step........ limited investment opportunities and other forms of credit.

  • Paul Mangion on 2012-10-05 5:56:21 AM

    Everybody is bombarded with credit card apps at stores, gas stations, malls and in the mail. Why would they sign up with their mortgage broker. It is always good to have new products to offer customers but credit cards are not one of them. The big banks push the government to make it harder for people to refinance their house and we argue that the banks are the problem with their easy credit cards and the rules should actually be changed on credit cards and not mortgages. The income would be minimal income unless you want to stand around in the mall and beg people to apply. Way to go DLC you are now creating a network of agents that most people try to avoid when you walk into a store. What a great image our industry needs.

  • John Dearin RPA,. AMP. on 2012-10-05 5:57:34 AM

    Got to say, this should be an amazing product for the DLC franchise, though I am waiting the nitty gritty details before I laud Gary and his team too loudly.

    Next? GIC's, RRSP's TFSA's, vehicle loans, not necessarily in that order Gary.

  • Ottawa Agent on 2012-10-10 4:20:54 AM

    Weren't we all just complaining that unsecured credit cards are what has effected our economy, not mortgages? Now the tune changes since brokers have access to the unsecured credit cards? Sounds two faced to me. Now we are doing just what the banks are doing and we were complaining about the banks. LOL, comical.

  • BC Broker on 2012-10-11 8:50:06 AM

    Sounds like an affinity card program to me.

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