Cardholders registered for the sweepstakes by using their debit or credit cards for qualifying purchases between October 1 and October 31, 2009. The winners were notified this month. To redeem the points, winners can choose from among millions of products, travel, adventure experiences, event tickets, gift cards and in some cases, cash back, all just in time for the busy holiday shopping season.
"We are thrilled that one of our valued cardholders won the Grand Prize of 500,000 points in the sweepstakes," said James Duffett, vice president of Business Development/IT, Sperry Associates Federal Credit Union, located in Garden City, Long Island, New York with $365 million in assets. "Membership in the UChoose Rewards program is a very popular benefit among our cardholders because of the wide variety of redemption choices offered, the fact that they start earning points immediately upon using their card and they can start redeeming for great items with just a few points."
Part of the Fiserv core competency in Customer and Channel Management, UChoose Rewards allows banks and credit unions to compete with the well- established reward programs of the nation's largest banks. UChoose Rewards from Fiserv lets financial institutions select a merchant-funded or issuer-funded program -or a blend of the two - to meet their specific profitability objectives. UChoose Rewards allows financial institutions to leverage hundreds of name brand merchants along with local businesses to build a customized program of offerings. To maximize the rewards experience, financial institutions can allow customers to combine points earned for all their bank or credit union accounts.
"The sweepstakes was an effective way of generating additional excitement among bank customers and credit union members for using their credit and debit cards," said Andy Brown, vice president of Product Development for EFT Solutions from Fiserv. "Studies show that consumers who become familiar with the benefits of their credit and debit cards by using them - and then being rewarded for their usage through a program such as UChoose Rewards from Fiserv - are much more likely to remain loyal to their bank or credit union. In addition, cardholders seem to prefer using plastic over cash or checks, and this incremental card usage results in increased revenue for the financial institution through fees paid to them by merchants who accept the institution's cards."
UChoose Rewards from Fiserv was recognized this year by Cards International for being the "Best Innovation in a Loyalty Program." It has also been named one of the "Top 10 Technologies of 2009" by Bank Technology News, and Chessie Federal Credit Union, an UChoose Rewards client, was selected for Best Practice recognition by Credit Union Journal for debit card use and card rewards.