Credit Card Programs That Keep Your Card Top of Wallet
If you’re not offering your cardholders compelling incentives, chances are high that your cardholders are not using your card as their preferred method of payment. And if they’re not using your card, you’re missing out on considerable revenue and valuable customer loyalty. Understandably, the more incentives cardholders have to put to use, the more likely they’ll prefer other cards. Since getting to the top of your cardholders’ wallets means giving your card the upper hand, you’ll want to give it all of the advantages they’ve come to expect — and perhaps some that are sure to surprise.
Making the most of the following strategies can draw new cardholders to your institution and reinforce a lasting loyalty from those who are already regular users.
Enabling Emerging Payment Types
How is your card keeping up with the changing times? Do you offer a way to add your card to a mobile wallet like Apple Pay? Have you reissued your card with EMV chip technology? These payment technologies are quickly becoming the norm in transaction technology and security.
As card innovations continue to drive usage, the functions that your card embraces will have an impact on how your cardholders use them — or don’t use them. EMV and mobile wallets can offer better payment security making them a trusted choice among consumers. Allowing your cardholders the power to choose a more secure payment is just one step in establishing your card as the card that they count on.
Building Trust and Loyalty
Pairing your card with a mobile app like Vantiv’s MobiMoney gives it the user-tailored benefits like card activation and deactivation, instant transaction alerts, location limitations, merchant preferences, threshold amounts, and more. Innovative features such as these reduce fraudulent transactions while promoting cardholder trust, loyalty, and usage.
Empowering your cardholders to make decisions about how they make payments builds trust and encourages a sense of personal investment in your card. When cardholders can control their own card settings, such as turning their card on or off, or even limiting where their card can be used, the more they will trust your card and your brand. And because confident cardholders use their card more often, a trustworthy card will help drive transaction growth.
Card rewards are also a great way to encourage card usage, not to mention loyalty among your cardholders. Offering users redeemable points for each dollar they spend is a popular rewards strategy. From travel miles to cash back rewards, incentivizing your cardholders’ purchases prompts them to use your card and spend more frequently.
Rewarding your cardholders for customer referrals can also have a significant impact for your financial institution while further strengthening the user experience. Of course, growing your user base can add revenue, but having more customers using your card more often has another benefit: extending your brand reach. Rewards are an important element to your credit card strategy for getting your card in the hands of additional users and will help keep your card program top-of-mind among existing cardholders while consequently creating brand awareness.
Engaging cardholders through targeted card marketing is an important – if not fundamental – measure of growing any card program. Communicating benefits and incentives to your cardholders should be a first and ongoing practice, urging activation and encouraging use. Your card marketing efforts will influence the level of success that your strategies attain, so be sure not to neglect this aspect of the process for whatever strategies you choose to adopt.
With so many card choices vying for attention, cardholders have more options than ever. Keeping your brand top-of-mind with a great credit card program can be one way to keep it at the top of your cardholders’ wallets. Make sure yours continues to lead the pack by providing your cardholders convenience and confidence with every transaction.