Debit card loyalty scheme for US credit unions

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By: Wise Marketer Staff |

Posted on October 26, 2006

Debit card loyalty scheme for US credit unions

A new loyalty rewards programme has been launched for credit unions and their members in the US by California-based Co-Op Financial Services. The 'Co-Op Member Rewards' programme gives credit union members points for using their debit cards, redeemable for rewards ranging from merchandise to travel rebates.

Credit union cardholders participating in the Co-Op Member Rewards programme will earn points for every dollar spent using their credit union debit/ATM card.

Reward options Members can track and redeem their points through a customised Co-Op Member Rewards web site. A variety of redemption options are available, including merchandise, gift cards from major retailers, travel rebates (with no restrictions), and downloadable music and audio books.

Cardholders can choose instead to convert their points into money to donate to the Children's Miracle Network (a non-profit organisation dedicated to improving the lives of children by raising funds for children's hospitals across North America). This particular cause was chosen because Co-Op Financial Services is the national presenting sponsor of Children's Miracle Network's Champions Across America programme.

Credit union customisation Individual credit unions can customise the Co-Op Member Rewards programme to include additional incentives for earning points (for example, tying in mortgages and loans).

A comprehensive set of cardholder marketing materials, including welcome kits, rewards catalogues, inserts, posters, quarterly printed statements and email statements, are available to credit unions as part of the programme.

According to Stan Hollen, CEO for Co-Op Financial Services, "While card-based rewards programmes have traditionally been the domain of larger institutions, Co-Op Member Rewards allows smaller and mid-size institutions to introduce a card at an affordable price. Loyalty programmes are a great way to reward cardholders for their business while encouraging debit use."

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