ST. PETERSBURG, Fla.––PSCU said it is now offering complementary digital marketing, social media materials, and direct mail support to help credit unions create awareness of the annual Credit Union Magic Minute Loyalty Sweepstakes.
The 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.
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, PSCU said.
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.
“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% increase in response rate credit unions are seeing on average from members that have never before redeemed their rewards points.”
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.
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 Minute 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.”
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.