Today, 80 percent of credit cards offer rewards programs. As debit cards quickly become the most common form of payment, financial institutions are adding rewards to their debit card programs, too.
SCE Federal Credit Union (FCU) recently signed an agreement to add ScoreCard to its 20,000 debit card accounts. Lilia Rojo, director of operations of SCE FCU said, "With increased debit card usage, offering rewards on debit cards is a way for us to promote signature transactions over personal identification number (PIN) transactions. Additionally, the program provides an opportunity to encourage cardholders to combine their debit and credit points. We consider this an excellent program to assist us in cross-selling both cards."
Team One Credit Union in Saginaw, Mich., has been offering ScoreCard rewards on its credit cards since 1993. Konnie Werner, president and chief executive officer of Team One said, "The program's ability to combine points from a family's credit and debit cards is an attractive feature of FIS' platform."
ScoreCard's proven program increases card acquisition, activation and usage of both credit and debit card programs by members. Some financial institutions using ScoreCard report significant increases in the number of active accounts, sales transaction dollars and earnings.
"The ScoreCard rewards program, which was started 16 years ago, has evolved over the years, building a rich history of experience and breadth of knowledge in the industry," said Dennis Driscoll, FIS' vice president of Loyalty Services. "Some rewards programs can end up costing financial institutions money because the programs are not built on a model that combines an attractive offer to the consumer with a sound financial footing. We are trusted in the industry because we know the analytics of the program and because we stand behind our solid, attractive, dual-approach model."