Growing your usage with credit and debit card rewards
It’s hard to put a price on loyalty. Keeping your cardholders happy to ensure their prolonged and regular usage of your credit and debit cards has significant advantages for you. By thanking existing cardholders and attracting new one through card rewards, you’ll further drive everyday spend and keep those cardholders engaged – a real challenge in today’s rapidly evolving marketplace.
With the crowded state of the marketplace, you have to work that much harder to reach every new cardholder. Once you’ve established that relationship, a cash-back or points-based loyalty program can give your institution the competitive advantage that it needs to keep them. Think about implementing debit and credit card rewards to tackle these institution challenges:
Improving card marketing
With the added benefits rewards, your card marketing strategies have a good reason to promote your credit and debit card services. Fighting more options and less consumer loyalty across the industry, making your card campaigns stand out from the crowd with card rewards is imperative. Better brand differentiation will increase card awareness, usage, and revenue.
Increasing interchange fees
Generating additional income is a goal of any financial institution, regardless of size. By building card loyalty through a card rewards program, institutions create the opportunity to maximize transaction frequency, resulting in an increased amount of interchange fees. More usage, more fees – more revenue for your financial institution.
Promoting other products
Loyal members have higher balances and greater satisfaction rates. They also have more products. Debit and credit card rewards give your cardholders a compelling reason to choose your card, to choose your card more often, and invest in the other services that your institution offers. Establishing an advantageous and trusted relationship with your institution’s debit and credit card programs will open the door to further rewards for both you and your cardholders.
Finding new solutions through analytics
Transactions drive your understanding of when, where, and how your cardholders are making purchases. Compiling and analyzing this information can provide valuable insight on how to better develop your card products and services in ways that appeal to established and potential cardholders. If a rewards program is something that appeals to your cardholders – and we suspect it would be – your transaction volume will increase along with your ability to better serve those cardholders through increased reporting. The return on investment from rewarding your loyal cardholders is the potential for targeting and attracting more cardholders through stronger marketing campaigns and more active transactions.
Your institution can set itself apart with card rewards – a solution that will encourage activation, motivation, and retention – all while driving revenue to your bottom line. The potential advantages with card rewards are clear, but now that you’ve seen how they can create so many opportunities for your financial institution, how do you go about implementing them? Partner with an experienced provider may be the simplest route. The convenient and comprehensive credit and debit card solutions that Worldpay offers could be just what you’re looking for.
Give your debit and credit cardholders the card rewards that just may be an unexpected surprise. The rewards you receive should be no surprise at all.