FinancialEdge Community Credit Union said it will continue to help members weather skyrocketing gas prices by extending its special gas rebate program until the end of the year.
The credit union had offered to rebate 5% on all gas purchases financed on one of its Visa cards since June 1, but has agreed to extend the program-at a 3% rebate-until the end of the year, according to Pam Swope, marketing manager at the $55 million credit union.
Despite costing tens of thousands of dollars in rebates, the promotion has broken even because of the vast increase in card usage it has induced, Swope told The Credit Union Journal. It's even prompted the use of dormant card accounts and attracted many new accounts, said Swope.
"We make money on the interchange fees," she explained.
The program, which is increasing in popularity as gas prices in the area rose 60 cents recently to an average of $3.20 per gallon of regular, is being promoted at the credit union's branches, its ATMs and in inserts to all members, and even gained attention of the local television stations.
For updates, visit www.cujournal.com.
