Stack credit card features in your institution's favor
In a market where the competition is considerable, the ability to rise above the rest and entice consumers to pick up their plastic is paramount to the success of many financial institutions’ credit card programs. In order to attract cardholders, financial institutions should consider implementing the latest cardholder-preferred card features.
The following credit card attributes can help gain cardholder preference and move your card to the top of users’ wallets. Whether you choose to build upon your already fixed card attributes or start afresh, these five product features are well worth integrating into your institution’s credit card program.
Credit card rewards
The challenge to reach, attract, and retain cardholders is now greater than ever. With a market awash in card alternatives and new generations of cardholders whose loyalty can be easily swayed, maintaining a consistent card rewards program can be invaluable. Compensating loyal card users helps keep your card top of mind – and top of wallet. Promote your card with rewards like travel miles and cash back, both favorites among top targeted demographics.
eCommunication is an innovation that truly resonates with cardholders, and one that can have a significant impact on loyalty. Sent directly to a cardholder’s mobile device, immediate text or email receipts can facilitate account management and can easily help identify fraudulent activity. Reinforced by card controls, card alerts can personalize the card/user relationship like no other.
Putting card controls in the hands of your cardholders is a proactive step towards empowering them to assume more responsibility for their card use and security. Card controls help limit the extent that fraud can wreck on a cardholder’s account and your institution by giving cardholders the ability to immediately put a hold on fraudulent activity. Additionally, card control apps like Vantiv’s MobiMoney allow cardholders to set spending limits and monitor purchase history, driving card usage with increased consumer confidence.
The accessibility and insight that online management offers can help keep cardholders up to date and on the move, while eliminating the cost of physical monthly billing. Administering their own accounts online gives cardholders the freedom to check statements and make payments anywhere at any time, all from the convenience of their mobile devices.
Customized credit cards
A simple but effective feature, card customization can be a fun way to create loyalty amongst your cardholders. Your institution’s cards can be tailored to fit the personality of each cardholder by allowing them to choose from a gallery of approved images or by uploading one of their own personal photos.
As the industry landscape continues to change, credit cards remain a popular and necessary banking amenity for customers, and consumer banking is still a significant source of revenue for financial institutions. Add increased value and appeal to your card portfolio by reinforcing your program with the best card attributes for your institution’s card program and its cardholders. Contact Vantiv to learn more about employing these effective card attributes at your financial institution.