How FIs Can Benefit From Debit Card Loyalty and Rewards Programs
Debit card rewards represent an opportunity for financial institutions to appeal to consumers and set themselves apart from competitors.
When Avios, the global travel rewards currency for British Airways Visa Signature® cards, wanted to increase their overall acquisition rates, they turned to Visa and Media Logic to develop new direct mail approaches.
Knowing the international travel rewards card prospect skews mid- to high-affluent, Media Logic developed two upscale direct mail approaches, one letter package and one self-mailer, that capitalized on the aspirational look, tone and feel of British Airways. Also, the packages were developed to address an ongoing challenge of co-brand cards: the need to expand usage beyond the brand into world spend.
The result was two direct mail approaches that appealed to affluent prospects, improved acquisition rates, and ultimately increased world spend. Both approaches were put before research for refinement, and ultimately both were mailed to determine which format was most effective.
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Debit card rewards represent an opportunity for financial institutions to appeal to consumers and set themselves apart from competitors.
Several top FIs and fintechs are offering kids and teens debit card products and pitching them as fertile learning grounds for financial education. We explored content marketing from a few key players to see how these financial brands are supporting their claims about financial literacy gains.
Young affluents -- ages 25-50 with $100K household income -- are a priority for financial services marketers, and these takeaways from recent research by Media Logic can be used to guide credit card marketing communications targeting this segment.