SEATTLE–Today is the second day of the now two-day-long Amazon Prime Day sale and a number of credit unions and other financial institutions across the U.S. are seeking to entice their cardholders to use their plastic for any purchases.
The goal is to reach “top of wallet” status and become the default card of choice among consumers all year long.
That credit unions are seeking to capture card spend on what is becoming the Christmas of summertime is no surprise. CO-OP Financial Services reported that the number of Prime Day transactions inside its credit card portfolio jumped 41% over the previous year, and it expects to see the trend continue this year.
Among the credit unions participating is Michigan State University FCU in East Lansing, Mich. A pioneer of Amazon Prime Day tie-ins, MSUFCU is automatically entering any member who uses their MSUFCU Visa debit or credit card on Prime Day into a contest to win $250.
Credit Union Offers
Other credit unions with special offers:=
- Central One FCU in Shrewsbury, Mass. is giving away a dozen Amazon gift cards to members who use their debit or credit card for purchases. There is a grand prize $250 gift card, one second prize $100 gift card, and 10 $50 gift cards. Members receive an entry with every purchase.
Central One FCU promotes Prime Day offer.
- In Utah, Goldenwest Credit Union is offering holders of its Visa Rewards credit card the opportunity to earn three Extra Awards points for every $1 spent on qualifying Amazon.com purchases on Prime Day 2019, similar to a campaign it ran in 2018. “Maximizing your Visa Extra Awards points on Amazon Prime Day will help you hit your rewards-earning goals faster,” the credit union said on its website. “Your vacation options are endless with our travel and experience rebate programs allowing you to get reimbursed for qualifying flights, cruises, hotel stays, car rentals, amusement parks, ‘bucket list’ items and more. If you’re looking to exchange points for merchandise and meals, choose from dozens of gift card options at major online shopping merchants, brick-and-mortar retailers, and popular restaurant chains.”
- In Indiana, Evansville Teachers FCU is offering five-times points on all purchases made on Amazon Prime Day and also offering the opportunity to win one of five Amazon Prime memberships it is giving away. All members need to do is “set your ETFCU Platinum Rewards debit or credit card as your default Amazon payment option,” the credit union said.
- CO-OP Financial Services has also published advice and tips for credit unions looking to get members to use their cards when making Prime Day purchases. CO-OP’s guidance can be found here.
Also Chasing Consumers
For obvious reasons, credit unions aren’t alone in looking to grab card spend on this fifth-annual Amazon Prime Day. Not surprisingly, the Amazon Store card, which is issued in partnership with Synchrony, and the Amazon Rewards Card, which is issued in partnership with JPMorgan Chase, are both offering bonuses for purchases made during Amazon Prime Day, paying a 6% reward rather than 5%.
MSUFCU promotes Prime Day offer.
Other banks and issuers staging promotions include:
- In a twist, Capital One is urging its customers not to overpay when shopping on Amazon. The bank/card issuer purchased Wikibuy in 2018, a company that scans more than 2,000 retailers to make price comparisons. The service is free to Capital One cardholders, and it has been emailing consumers urging them to shop around first.
- Citibank has recommended its cardholders consider using their card points to pay for Amazon Prime membership, as has JPMorgan Chase.
