PSCU’s Credit Union Magic MinuteTM Sweepstakes Generates Sizable Interchange Revenue for Participating Credit Unions$32,500 in additional revenue generated on average for credit unions with 10k enrolled cards.
St. Petersburg, Fla. – (June 15, 2017) – The Credit Union Magic Minute Loyalty Sweepstakes was developed by PSCU as a way to help Member-Owner credit unions build even tighter relationships with their members and create stronger loyalty by delivering a unique and unforgettable member experience. The Magic Minute sweepstakes gives Owners a no-cost opportunity to reward lucky credit union members with an unrivaled shopping experience, while also increasing interchange revenue. As interchange remains an important revenue driver for a credit union’s card portfolio, Magic Minute significantly contributes to business results and member loyalty.
For the fifth year in a row, PSCU is providing complimentary digital marketing and social media materials, along with direct mail support, to help credit unions create awareness of the annual sweepstakes among their members and communities. Owner credit unions that participate in PSCU’s Rewards program are automatically enrolled in the sweepstakes, and those that participate can expect to see an average lift of $3.25 per credit member and $63 more per month on debit cards.
American Airlines Credit Union (Fort Worth, Texas) has consistently had the most cardholders registered for Magic Minute and earned a spot on the starting line of the charity dash each of the past two years. The Credit Union has also had two of its members chosen to run the Magic Minute dash.
“PSCU organized the Magic Minute event and experience wonderfully over the past couple of years,” said Sarah Daniel, Marketing Analyst for American Airlines Credit Union. “All of the participants received VIP treatment from the moment they arrived at the airport until they left for home. The PSCU team paid attention to every detail to ensure the Credit Union staff and our members had an unbelievable time.”
The Credit Union received an unexpected surprise when it discovered that the driver who arrived to pick up the merchandise for their chosen charity was actually eligible to become a Member-Owner of American Airlines Credit Union. He ended up becoming a member on the spot.
The Magic Minute sweepstakes works by encouraging members to register their contact information on their credit union’s PSCU Rewards program website. When they use their credit union’s credit or debit cards in a minimum of three transactions per week over the sweepstakes eligibility period, their names are automatically entered in a series of seven bi-weekly drawings. Sweepstakes winners are rewarded with an all-expense paid trip for two to Chicago on Nov. 29 through Dec. 1 that includes airfare, food and accommodations, and a magical 60-second warehouse dash where the goal is to load up on as much brand-name merchandise as possible before the clock runs out. A total of seven credit union cardholders and one credit union charity will be chosen as the winners.
“We strive to have a positive effect on the income and profitability of Owner credit unions’ portfolios through our loyalty program, and the additional $32,500 in revenue and 10k enrolled cards to the bottom line is impactful,” said Annie Cox, Vice President of Loyalty Solutions at PSCU. “Magic Minute is not only critical to maximizing interchange, but also to helping PSCU’s Owner credit unions build loyalty and keep their cards top-of-wallet with their members.”
Credit unions that particpated in previous years saw an increased card spend of $63 more per month on debit cards, and 73 percent of credit and debit member cardholders used their card three or more times. Five percent of targeted credit and debit cardholders redeemed for the first time.
The 2017 Credit Union Magic Minute Sweepstakes runs from June 19 through Sept. 24, 2017, with the drawing for the winners scheduled to begin on a bi-weekly basis beginning July 20, 2017.
Established in 1977, PSCU (St. Petersburg, Fla.) is the nation's leading credit union service organization (CUSO). The company was recognized as CUSO of the Year in 2016 by the National Association of Credit Union Service Organizations. PSCU’s products, financial services solutions and service model collectively support over 850 Owner credit unions representing more than 20 million credit, debit, prepaid, online bill payment and mobile accounts; protect over 2 billion transactions annually from fraud; and optimize credit union performance and growth. Comprehensive 24/7/365 member support is delivered through call centers located throughout the United States. For more information, visit www.pscu.com.