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. – (April 14, 2016) – The Credit Union Magic Minute Loyalty Sweepstakes was developed four years ago by PSCU as a way to give member-owner credit unions a no-cost opportunity to reward lucky credit union members with an unrivaled shopping experience, while also increasing interchange revenue. As interchange remains one of the most important revenue drivers of a credit union’s card portfolio, Magic Minute significantly contributes to business results and member loyalty.
For the fourth 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 December sweepstakes among their members and communities. Owner credit unions that participate in PSCU’s CURewards® loyalty 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 $2.76 per debit member.
“These numbers are substantial,” said Anna Cox, Director Credit Union Growth Solutions at PSCU. “The additional $32,500 per 10k enrolled cards to the bottom line is important, and of equal significance is the 5 percent increase in response rate credit unions are seeing on average from members that have never before redeemed their rewards points.”
The Magic Minute sweepstakes works by encouraging members to register their contact information on their credit union’s CURewards® loyalty program website. When they use their credit unions’ 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 six bi-weekly drawings. Sweepstakes winners are rewarded with an all-expense paid trip for two to Chicago 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.
“We want to have a positive impact on the income and profitability of Owner credit unions’ portfolios, and what better way to do it than through the Credit Union Magic MinuteTM event?” said Denise Stevens, SVP Product Delivery and Innovation. “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.”
On average, participating credit unions see increased card spend of $189 with 4.5 more transactions on credit cards for the sweepstakes period, and increased card spend of $213 with 6.0 more transactions on debit cards.
The 2016 Credit Union Magic Minute Sweepstakes runs June 20 through September 25, 2016, with winners announced by PSCU on a bi-weekly basis beginning August 1.
Established in 1977, PSCU (St. Petersburg, Fla.) is the nation's leading credit union service organization (CUSO). The company is owned by 800 member credit unions representing over 18.2 million credit, debit, prepaid, online bill payment and mobile accounts. Comprehensive 24/7/365 member support is delivered through contact centers located throughout the United States. For more information, visit www.pscu.com.