Summary: Trillions of dollars are spent every day around the holiday season. From presents and travel to Christmas decorations, many consumers take part in holiday shopping. Credit unions and other financial institutions can capture this holiday spirit by offering special promotions.
Retail holiday sales exceeded $3 trillion in the United States last year with the average person spending around $1,000. Holiday promotions are not just for retail stores; credit unions can offer beneficial holiday promotions to help their membership purchase everything on their Christmas wish list.
Skip A Payment
Skip A Payment promotions are a great way to ease some of the financial burden members may feel as the holiday season approaches. Credit unions can allow their members to defer payment or skip a payment altogether for home, auto or personal loan borrowers.
Small personal loans are a popular way to help members complete their holiday shopping list. These loans can range from $500 to $5,000 depending on the parameters your credit union would like to implement. In order for this loan to be effective, make sure you launch the campaign with enough time to process the loan application and disperse the funds in time for holidays.
ATM Cash Bonuses
ATM cash bonuses are a fun promotion to implement with your ATM network. You can exchange lower dollar bills for $50 or $100 bills. When your members go to use their ATM, they will receive a cash bonus as a holiday surprise. Before launching a campaign like this make sure you have invested in an ATM system with real-time monitoring as well as back-office technology to ensure you are getting the most out of your investment.
Credit Card Rewards
There are 364 million credit card accounts in the United States. So you can imagine many of those people will be using their cards for holiday shopping. Credit unions can reward their members for using their credit cards through loyalty reward programs. MAP offers a loyalty rewards program where members earn points for every purchase they make. These Augeo Dream Points can then be redeemed for things like gift cards, merchandise, and travel.
Debit Card Activation
Debit card activation promotions incentivize members to use their debit cards for their Christmas shopping. With this type of campaign, your members are entered into a drawing for some sort of prize, like a shopping spree or Visa Gift card, every time they use their debit card. This campaign can also be used for credit cards depending on the wants and needs of your credit union as well as the membership.
Each of these promotions can be tailored to the unique needs of your membership. Learn more about the benefits of MAP’s products by contacting us today.