Consumers CU Aims for Top-of-Wallet Status with Visa Signature Upgrades Featuring Online Acceptance and Custom Rewards

Since its founding in 1930, the Chicago-area Consumers Credit Union has remained true to its founding principles of “long-term stability, dedication to providing the finest financial services [and] a committed investment in our Members” through two world wars, the Great Depression, and a major reorganization during the 1970s.

Consumers, with Membership open to anyone, has grown to become one of the largest credit unions in Illinois, with over $930 million in assets, more than 83,000 Members, nine Illinois-based service centers, and an international network of shared branches and ATMs.

When Consumers launched a Visa Signature® upgrade program with a $10K minimum line and a monthly minimum spend, it discovered that placing so many restrictions on the card was limiting its appeal to highly creditworthy Members who balked at the spending restrictions, while tending to pay their balances in full every month.

Realizing that the path to top-of-wallet status lay in expanding not only its Visa Signature® card’s penetration but enhancing its Members’ spending power as well, Consumers reached out to Advisors Plus for help in creating and executing a more inclusive upgrade opt-in offer with a $5K line and no spending restrictions.

As part of the effort, Consumers also pilot tested Advisors Plus’s innovative upgrade-acceptance website that allowed its Members to accept their offers and personalize their rewards online.

The campaign was a blockbuster success, posting a response rate of 12.22 percent. What’s more, the ability to personalize their cards through the website portal delighted Consumers’ Members.

Nearly 60 percent of responders activated their offers online, and did so far more quickly than those using the mail. Cash rebates were the overwhelming rewards personalization choice, accounting for nearly 77 percent of Members’ choices.