Synergy One Credit Union Increases Card Accounts and Member Loyalty with CURewards Solution
With the saturation of teaser rate promotional offers, consumers are looking for the credit card that presents additional advantages and benefits in addition to the rate when opening a new account. Credit unions seeking to differentiate their credit cards from the competition can implement a loyalty program that will enhance the market attractiveness of their card program. Introducing PSCU Financial Services' CURewards Solution, a loyalty program that provides numerous redemption options at a low cost basis to credit unions. Synergy One Credit Union is just one of the many credit unions benefiting from increased enrollment, activation, usage, and member satisfaction with the CURewards Solution.
Synergy One and PSCU Financial Services
Synergy One Credit Union, located in Manassas, Virginia with over 20,000 members, was searching for a way to differentiate its credit card from the competition. The credit union wanted to increase new enrollments and enhance member loyalty. Synergy One CU found the right answer with CURewards Solution. In November 2001, Synergy One CU enrolled in PSCU Financial Services' CURewards Solution to increase its card productivity and profitability. Since enrolling in the program, Synergy One CU has seen an increase in enrollments for new credit card accounts. Suzie Cook, Marketing Director of Synergy One, stated, "The number of new card accounts has risen dramatically. Since implementing the CURewards Solution, our new accounts per month booked has risen 125%, while the average credit limit is up 50%. Plus, our members are raving about the new benefits and features our credit card has to offer." By partnering with PSCU Financial Services, Synergy One CU is growing its card base and increasing member satisfaction with an exciting loyalty program that is cost efficient with a user-friendly redemption process. Moreover, the CURewards Solution caters to almost every cardholders' taste with over 500 merchandise options and several travel opportunities including airline tickets, cruises, hotels and car rentals.
Advertising Support
Synergy One CU utilizes several avenues for promoting its new CURewards credit union credit card to its membership including:
- Inserts in monthly share draft statements
- Inserts in credit card statements quarterly
- Monthly credit card statement messages
- Articles in the monthly newsletter
- A CURewards logo and link (www.CURewards.com) placed on its web site
- Staff incentives
- Outdoor marquee signs - "Big Rewards for Credit Card Users"
- Telephone messages for when cardholders and members are placed on hold
In addition, Synergy One CU is providing cardholders with the opportunity to earn points with balance transfers. Members receive 1 point for every $1 transferred to their Synergy One CU credit card. "Members are very satisfied with the new card. Many have transferred balances and enrolled for the new credit card because of the fantastic redemption options. Additionally, the staff enjoys the advantage of using the CURewards Solution as a selling point to members without a credit card," shared Ms. Cook.
Conclusion
Synergy One Credit Union is experiencing increased enrollments, card activity, and loyalty with the right solution - CURewards. The credit union is looking forward to continuing its efforts in administering successful promotions with the CURewards Solution. With many choices for credit cards in today's marketplace, Synergy One Credit Union's members have found their "card of choice." Overall, implementing PSCU Financial Services' CURewards Solution has been a win-win for the credit union and its membership.
If you would like additional information on how your credit union can benefit from the CURewards Solution, contact your PSCU Financial Services Account Executive today!
|
