Baxter Credit Union's Credit Card Stands Out Among the Competition with CURewards Solution
Baxter Credit Union's Credit Card Stands Out Among the Competition with CURewards Solution
Today's competitive landscape presents consumers with more credit card options than ever before. Consumers are better educated and more savvy and, in turn, are looking for a credit card that stands out among the rest. With PSCU Financial Services' CURewards Solution, credit unions can offer their members a credit card that has a distinct competitive advantage. CURewards Solution allows credit union members to earn valuable points redeemable for not only travel but merchandise awards too. Member loyalty and satisfaction along with increased credit card usage are just some of the benefits that credit unions can realize. One credit union that is using CURewards Solution to make its card the "card of choice" is Baxter Credit Union.
Partnering with PSCU Financial Services Baxter Credit Union, based in Vernon Hills, Illinois, has over 108,000 members and $880 million in assets. In 1999, Baxter Credit Union partnered with PSCU Financial Services, based in St. Petersburg, Florida, to implement the CU in the Air loyalty program. Baxter CU was looking for a way to distinguish its credit card program from the competition and needed a unique competitive advantage that would provide additional benefits for its valued members. Kent Potterton, Vice President of Risk Management for Baxter Credit Union, stated, "The loyalty program gave us one of the highest purchase volumes per cardholder in the industry. PSCU Financial Services' CU in the Air provided high retention, high loyalty and low delinquency for our credit card accounts."
Introducing CURewards Solution
In 2001, Baxter Credit Union enrolled in PSCU Financial Services' enhanced loyalty program, CURewards Solution, which offered additional benefits and features over the CU in the Air program. CURewards Solution's enhanced features include expanded reporting of redemptions and points outstanding plus a wider variety of redemption opportunities including airline tickets, cruises, hotel stays, car rentals and over 500 merchandise options. In addition, the reward choices are provided at a lower cost per point than most other loyalty programs in the industry. Mr. Potterton shared, "CURewards Solution provides us with a more strategic approach which benefits both the credit union and our members. We can provide desirable rewards while effectively controlling redemptions, this maximizes thereby, maximizing the benefits from the rewards program for our members while moderating minimizing the expense to the credit union. The new program also centralizes contacts for redemptions making the process easier for our members."
Desirable Results
With CURewards Solution, Baxter Credit Union has increased its outstanding purchase volumes and active accounts. After transitioning to the newly enhanced solution, the credit union's "transactions per active accounts" has increased by 12% and "active accounts" has risen by 5%. Moreover, the intrinsic value of exceptionally satisfied members, who are receiving more choices, is a value-added benefit. Additionally, CURewards Solution provides Baxter CU a consolidated redemption process with a seamless tracking and reporting system, plus advertising and promotional support.
Conclusion
Baxter Credit Union is extremely pleased with CURewards Solution and is making its credit union credit card the "card of choice" for its members, therefore, increasing its credit card activity and profitability. Mr. Potterton stated, "Partnering with PSCU Financial Services has been extremely beneficial to us by helping us provide convenience and appreciation to our valued members. Thanks to PSCU Financial Services we have very loyal and very satisfied members."
If you would like additional information on how your credit union can benefit from CURewards Solution, contact your PSCU Financial Services Account Executive today.
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