LATHRUP VILLAGE, Mich.-A rewards program that provides incentives for cardholders to purchase Michigan-made products and services has boosted one CU's credit card outstandings by 28%.
In April (CU Journal, June 4) Michigan First CU launched its "Experience Michigan First Rewards VISA," which returns points based on card purchases, but gives members more points if they make their purchases at Michigan businesses. CEO Michael Poulos said the program was introduced to help to boost this state's economy and Michigan First CU's card program.
"Balances have grown 14%," said Poulos, who explained that prior to the offer card balances were stagnant.
Almost immediately, card applications soared to 700 a month from 70 per month. "The card is exceeding our expectations, which are always high. We realized we were bringing a rewards card into a very saturated market and members have responded very well to the support Michigan theme and to the rewards. As we broaden awareness of the card and how benefits both the state and our neighbors, we expect even more growth in 2013."
What also makes the card resonate with Michigan residents across the state, according to the CEO, is the ability to choose the card image from 12 different card designs that capture Michigan scenery and landmarks.
