Evansville Teachers Federal Credit Union Increases Credit and Debit Card Engagement
With Innovative ScoreCard Rewards Promotions
TAMPA, Fla. (September 26, 2016)- Card Services for Credit Unions (CSCU)
member Evansville Teachers Federal Credit Union
has increased its average
monthly credit card applications by 89% after extending to members its “3-2-1”
ScoreCard Rewards program.Since July
2015, the program has offered credit union members triple points on a quarterly
rotating category, double points year round on gas and groceries, and one point
per dollar spent on all other purchases.
Evansville Teachers Federal Credit Union
gives triple points to its members in these seasonal categories:
- First quarter:
recurring bill payments, i.e. cell phone and utility bills.
- Second quarter: home
- Third quarter: travel
and entertainment, i.e. hotels, airlines, amusement parks and sporting events.
- Fourth quarter:
“Our CSCU representative was extremely
helpful in providing insight as we developed the ‘3-2-1’ program,” said
Evansville’s Director of Market Data, Andrea Brown. “We conducted extensive
analysis to choose the merchant categories with higher interchanges that would
make our card top of wallet. Our success
has been reliant, in part, on CSCU’s support, resources and knowledge of the
ins and outs of our industry.”
While growing its average monthly
applications by 89%, members’ approval ratings remained consistent. In addition, the number of members choosing
the ScoreCard Rewards credit card vs. the low-rate credit card, ideal for
revolving balances, grew by 14%.The
lending team has been instrumental in cross-selling the rewards program by
conducting pre-approvals during any new loan process.
Brown added, “We primarily target existing
members with this promotion and use the rotating categories to keep the program
fresh, which has proved successful. We
offer a cash back reward to further incentivize members to apply for the credit
card, with 35% of our members using their reward points to receive cash back.”
Evansville initially implemented ScoreCard
Rewards with its debit program, where it offers one point per two dollars spent
on every signature purchase. In January 2015, the credit union launched a
Platinum Rewards checking product that rewards members with 500 bonus points
each month, given they meet minimum usage requirements. Currently, more than
half of its 15,000+ Platinum Rewards accounts are benefiting from the bonus
points by meeting these criteria:
- Complete 15 debit
swipes per month.
- Access online or
mobile banking at least once per month.
- Receive electronic
- Receive at least one
direct deposit per month.
Brown concluded, “Loyalty programs such as ScoreCard
Rewards are a vital part of our strategy. We value our partnership with CSCU
and consider it an important part of our mission to keep our members engaged.”
With nearly 2100 members,
CSSU is one of the largest credit union services organizations (CUSOs) in the
United States.Approximately 40% of the
nation’s credit unions rely on CSCU to provide consultation, thought
leadership, products and services that enable credit unions to compete in the
rapidly evolving payments industry.
CSCU’s partnership with its members keeps their card programs among
their institution’s highest return on assets.
Paul Castner, CSCU Director of Communications, 813-901-4555, email@example.com