Rebates Help Ease Gas Pains
BAY CITY, Mich. - (09/02/05) -- FinancialEdge Community CU said itwill continue to help members weather skyrocketing gas prices byextending its special gas rebate program till the end of the year.The credit union had offered to rebate 5% on all gas purchasesfinanced on one Visa cards since June 1, but has agreed to extendthe program--at a 3% rebate--until the end of the year, accordingto Pam Swope, marketing manager at the $55 million credit union.Despite costing tens of thousands of dollars in rebates, thepromotion has broken even because of the vast increase in cardusage it has induced, Swope told The Credit Union Journal. It'seven prompted the use of dormant card accounts and attracted manynew accounts, said Swope. "We make money on the interchange fees,"she explained. The program, which is increasing in popularity asgas price in the area rose 60 cents this week to an average of$3.20 per gallon of regular, is being promoted at the creditunion's branches, its ATMs and in inserts to all members, and evengained attention of the local television stations.