PLEASANTON, Calif. – Patelco CU has implemented UChoose Rewards, a customizable rewards program designed to incent cardholder usage and provide consumer benefits for both debit and credit programs.
The program lets cardholders choose among merchant-funded, financial institution-funded or blended-funded options to meet their objectives.
“The biggest benefit for our members is the cash back option and the low cost per redemption. We chose a blended program, which offers both issuer-funded and merchant-funded rewards because it affords us the maximum flexibility in customizing our program to meet our specific business objectives,” said Sandra Scott, vice president of card services for the $3.6-billion credit union.
Fiserv said UChoose Rewards enables financial institutions to develop the total member/customer relationship by rewarding all relationships and packaging rewards as part of fee-free checking. Rewards can help decrease operational expenses by rewarding lower-cost channels. Institutions can recommend the addition of local and regional businesses, often not included in the largest banks’ programs.
According to Fiserv, enlisting local businesses in the program adds a competitive advantage that not only attracts additional program registrants but also provides a boost to commercial and small business banking relationships, since institutions can add their own commercial clients to the network at no fee.
