Tampa resident Eric Moore never suspected that when he registered for a sweepstakes with his credit union last year he would receive a phone call several months later informing him of his win. Eric was randomly selected as one of the winners of PSCU’s Credit Union Magic Minute™, where he received an all-expenses-paid trip to Chicago for a 60-second shopping cart dash!
This past December, Eric traveled to the Windy City, along with a representative from his Tampa-based credit union, GTE Financial. He and his running partner and wife, Stephanie, collected $5,000 worth of items including MacBook Airs, TVs, game systems, cookware, Go-Pros and iPad Minis. Eric, a GTE Financial member for nearly 20 years, never expected something like this to happen.
PSCU’s Credit Union Magic Minute Loyalty Sweepstakes gives its Owner credit unions a no-cost opportunity to reward their members with a once-in-a-lifetime experience. This sweepstakes dash is an easy and fun way for credit unions to experience increased growth and loyalty, as well as interchange revenue – one of the most important drivers of a credit union’s card portfolio.
Credit unions that participate in Magic Minute see an average lift of $3.25 per credit member and $2.76 per debit member. The additional $32,500 per 10,000 enrolled cards represents a substantial contribution to a credit union’s bottom line. Equally significant is the five percent increase in response rates credit unions see on average from members that have never before redeemed their reward points.
In addition to optimizing interchange, Magic Minute also helps Owner credit unions maintain top-of-wallet card status with their members. On average, participating credit unions see increased card spend of $189 with 4.5 more transactions on credit cards throughout the sweepstakes period, and increased card spend of $213 with six more transactions on debit cards.
Credit union members from APCI Federal Credit Union (Lehigh Valley, Pa.); Baltimore County Employees Federal Credit Union (Towson, Md.); Citadel Federal Credit Union (Exton, Pa.); Founders Federal Credit Union (Lancaster, S.C.); GTE Financial (Tampa, Fla.); Tinker Federal Credit Union (Oklahoma City, Okla.); and TruMark Financial Credit Union (Fort Washington, Pa.) were all selected in random drawings to participate in the 2016 Magic Minute. Each team collected an average of $5,000 worth of high-end items.
The Credit Union Magic Minute is a thrilling and memorable perk of PSCU’s Total Member Loyalty rewards program, as it engages members and strengthens relationships. There is no doubt that credit union members now look forward to this event each year, and that the lucky members selected as sweepstakes winners become loyal advocates of their credit union for life!