ST. PETERSBURG, Fla.–PSCU is preparing to once again stage its popular Credit Union Magic Minute Loyalty Sweepstakes, which is said shows a measurable lift in card revenue for every CU participating.
The Magic Minute sweepstakes gives participating CUs a no-cost opportunity to reward lucky credit union members with an opportunity to win the chance to race through a warehouse store and grab as much merchandise as they can in one minute.
For the fifth year in a row, PSCU said it 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, according to the company.
PSCU pointed to American Airlines Credit Union in Fort Worth, Texas, which it says 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. AAFCU 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.”
According to PSCU, 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, PSCU said.
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 participated 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 through Sept. 24, 2017, with the drawing for the winners scheduled to begin on a bi-weekly basis beginning July 20, 2017.