Magazine article American Banker

Visa Introducing Reward Plan; 10-Cent Credit for Each Dollar

Magazine article American Banker

Visa Introducing Reward Plan; 10-Cent Credit for Each Dollar

Article excerpt

Taking a cue from c0branded programs that give cardholders back a portion of what they spend, Visa U.S.A. has started a rewards program of its own.

For every $1 spent on a Visa classic or gold credit or debit card, the cardholder will earn a 10-cent credit that can be redeemed for savings on a wide range of products and services.

"This is obviously a major new marketing strategy for us," said Jan Soderstrom, senior vice president for advertising and marketing services at Visa. "We think it's going to raise the stakes in the business."

Participating travel and dining peers for the tint promotion will be announced Oct. 1 when the marketing initiative, called Visa Rewmxls, begins.

Visa customers can earn travel discount credits worth at least 10% of the value of purchases made through Dec. 31. These credits can be applied to dozens of vacation offers from travel merchants.

Next summer, Visa will roll out another major frequent-user program, enabling cardholders over a three-month period to earn discounts at national restaurants.

All future Visa promotional campaigns will be united under the Visa Rewards platform, which will range from national frequent-user programs to dollars-off coupons for branded merchandise to instant savings at nationwide retailing chains.

"It's clearly a brand-equity device," said Michael I. Guidry, senior vice president of First Bank Card Center, First Commerce Corp.'s credit card arm in New Orleans.

Visa Rewards "brings together various promotional things Visa does under a single umbrella," he added. …

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