Every year presents new opportunities and challenges, and one of the hot topics that will likely define 2022 is inflation. The Consumer Price Index is the most well-known measure of inflation, and it is currently up over 8% compared to last year. With prices climbing across the board, your cardholders are likely being impacted. While no one wishes for a crisis, inflation does provide an opportunity for financial institutions to engage their cardholders and remind them of the benefits their loyalty program provides. It’s vital to educate your cardholders on how and where points are earned and how to redeem. Bringing awareness to your loyalty program creates added value, which in turn can drive engagement, cardholder spend, and loyalty.  

Educate Your Cardholders

A recent survey by WalletHub found that 81% of consumers say inflation has made them more interested in learning about credit card rewards. Despite the increased interest in learning about rewards, many cardholders are not educated on the rewards programs in which they are enrolled. Don’t assume your cardholders are educated about your financial institution’s rewards program, including how points are earned and redeemed. This assumption could lead to your cardholders missing out on opportunities that benefit them, which in turn strengthens their awareness of and loyalty to your financial institution. 

Explore Real-Time Rewards

A Card Inserted Into Card TerminalAccording to CU Today, 49% of rewards cardholders are using their rewards to help pay for everyday necessities such as groceries and gas. ampliFI Loyalty Solutions’ Real-Time Rewards suite provides the opportunity for your financial institution to meet your cardholders during purchase moments, enabling them to access their rewards at or immediately following purchase without forcing them to visit a rewards website. Giving cardholders the power to redeem points on everyday essentials with cash-like rewards provides solutions that address their needs in a meaningful way, forging an emotional bond that drives value and loyalty. Cardholders are able to earn points on a transaction, while still receiving a real-time redemption benefit, and your financial institution earns interchange revenue.

ampliFI Loyalty Solutions’ Real-Time Rewards Suite is Comprised of 3 Unique Programs

  1. Pay With Points gives cardholders a fast and easy way to redeem points for a statement credit to cover the cost of their purchase.
  2. Fuel With Points provides cardholders with the convenient ability to redeem points at the pump for discounts on fuel. 
  3. Our newest offering, Checkout With Points, gives cardholders the ability to redeem their points for a discount directly at checkout. 
  4. For more detailed information about ampliFI’s real-time rewards, click here.

Offset Rising Prices With Your Loyalty Program

Inflation is impacting everyone, but your loyalty program can provide an opportunity to communicate with and engage your cardholders. First, familiarize yourself with your financial institution’s program. Identify which benefits and information would be most helpful to your cardholders during the current economic environment. Second, take advantage of the opportunity to ramp up communication with your cardholders. Consistently educating them on your financial institution’s loyalty program is key. And finally, explore real-time redemption options that allow your cardholders to utilize their rewards in real-time on daily necessities. Your financial institution likely offers many services and programs that would benefit your cardholders, so leverage the opportunity to continue to educate and add value. 

Ready to enhance your cardholder loyalty experience? Contact our loyalty and industry experts to learn more or schedule a free virtual consultation.

Contact Us