Cha-ching!
I've said all along that debit card cash rebate programs are the way to go. During my tenure as a regional market manager for Teachers Credit Union I was part of the creative team behind its Debit Card Rebate program. Now at seven years old, the program has continued to grow in popularity. More than $1 million has been paid out to members in cash, or upon a member's request, applied to other credit union services such as mortgage, travel and TCU foundation donations. When applied to TCU services the credit union will match the rebate amount up to a specified amount (see TCU terms and conditions).
In the most current issue of Banking Strategies, Bob Grothe, senior managing consultant for Loyalty Solutions Worldwide, writes an interesting cash rebate article about consumer preference for cash. He makes several good points about how competitve advantage and the customer profile affect rebate perceptions. It's a must-read.
For the skeptics out there: I stand vindicated.
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