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 improvement purchases.
  • Third quarter: travel and entertainment, i.e. hotels, airlines, amusement parks and sporting events.
  • Fourth quarter: restaurant purchases.
“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 statements.
  • 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.”

About CSCU:

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.



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CONTACT: Paul Castner, CSCU Director of Communications, 813-901-4555, p.castner@cscu.net