Magna Rewards launches new Gold loyalty card
Building on its already successful Magna Rewards loyalty programme, Magna Rewards has launched a Gold Card in Jamaica - the first hybrid loyalty and discount card in Jamaica and the Caribbean.
Magna Rewards (Jamaica) Ltd, a fully owned subsidiary of Magna Rewards (Caribbean) Inc., last week launched a Gold Card in Kingston. According to Karey Rowe, country manager for Magna Rewards in Jamaica, the launch marks the first hybrid loyalty and discount card in Jamaica and the Caribbean.
A privilege that's earned Managing director Mike Parris said that the Magna programme supports over 1.1 million cardholders of whom 12,000 are high net-worth Gold customers. And Magna in Jamaica alone accounts for 470,000 customers, representing 47% of the combined Magna customer base in the region.
Parris added that cardholders would have to earn the privilege of carrying the card every year by using their card frequently. Magna Rewards will negotiate additional Gold Member Status benefits throughout the year with various retailers in and out of the existing Magna Rewards issuing and redeeming programme.
A special Gold member statement and rewards voucher will be issued on a quarterly basis to all members who meet the standard minimum points qualification criteria: Barbados, 50 points; Trinidad & Tobago, 150 points; and Jamaica, 70 points.
Gold status qualification Gold member status qualification is based on the preceding full calendar year's Magna Rewards transactions. Transactions made using either a valid Scotia Magna MasterCard or a valid Magna Rewards card (together or separately) will count towards the status qualification.
Current spend criteria to qualify for Gold Card status varies by Magna territory: · Barbados: transactions to the value of BDS$13,000.00;· Trinidad: transactions to the value of TT$24,000.00;· Jamaica: transactions to the value of JMD$400,000.00.
New card annually A Gold Card will be issued free of charge to qualifying members in February each year. The cards will expire thirteen months from the date of issue, and each year a new Gold Card will be issued to members who re-qualify. Gold Cards will only be issued to the primary and secondary account holders registered on the account at the time of qualification.
The base (but not the promotional) Magna Rewards points earned by active Scotia Bank Magna MasterCard Holders who qualify for Gold Cards will not expire for a period of up to two years. While holders of the Gold Card will qualify for the status benefits (discounts and non-points related offers) of any participating Magna territory, even if not resident in that territory, the value of non-resident transactions at Magna Rewards issuing and redeeming partners will not be counted in determining Magna Rewards points or qualification for Gold Card Status.
Addition partners signed up The launch of the Gold Card in Jamaica adds another 75 Gold merchants, all offering inter-Caribbean acceptance of the card. Parris said that this works well for the Caribbean traveller. The Magna Gold programme is a coalition loyalty programme that features a range of commercial enterprises under a single loyalty banner.
The up-scale launch event, at which the Magna programme was described as the most successful consumer tool for all segments of Jamaica, featured guest speakers from the Ministry of Industry, Technology, Energy and Commerce in Jamaica.
Growth and expansion plans One of the guest speakers at the launch, Audrey Tugwell-Henry, senior vice president of retail & electronic banking for Scotiabank Jamaica, said that since joining the Magna programme the bank has seen a 300% increase in its credit card usage.
While Jamaica is the most recent Caribbean country in which Magna has launched, it has already surpassed the performance of Magna's operation in Barbados, Trinidad and St. Lucia. The loyalty programme will also be launched on other Caribbean islands during 2007.