Prepaid credit card promotions have overtaken cash as the most preferred method of rewarding consumers, as well as employees.
In a recent survey, 75% of respondents voted in favor of prepaid Visa, MasterCard and Amex incentives, while 17% said they preferred cash incentives. 8% were for retail gift cards.
Prepaid credit cards offer unrivaled convenience, safety, and flexibility. Cardholders can make everyday purchases anytime at any place where MasterCard or Visa is accepted - including online and overseas.
With companies seeking new and unique ways to expand their brands, business owners are now targeting the small plastic cards for sales, marketing, and accounting purposes.
This popularity is reflected in a Federal Reserve System report that found prepaid card payments (including both general-purpose and private-label) increased at the fastest rate from 2009 to 2012 (15.8 per cent annually), reaching a total of 9.2 billion transactions in 2012. This is compared to credit, debit, ACH, and cheque transactions. The number of prepaid card payments increased by 3.3 billion from 2009 to 2012.
So, What's Fuelling This Growth?
More and more businesses are creating their own custom prepaid credit cards and incorporating them into corporate reward, incentive, and rebate programs.
Including a company logo and a custom image adds an extra element of prestige to your prepaid credit card program. From a branding perspective, this also sets your organization's card apart and provides consumers with a unique and valued touch point.
Businesses are using this product strategically to create custom branded prepaid credit cards for use as promotional items both internally with employees, and externally through loyalty programs and other marketing efforts. The bottom line is that people enjoy the convenience of a prepaid credit card that can be used almost anywhere and anytime, and appreciate the creative branding it employs.
Ideally, a custom prepaid credit card should be designed specifically for its intended use. Our most common custom prepaid credit card orders are for internal business reward programs, and consumer loyalty programs. Therefore the card itself must encompass the corporate branding particular to its use, and must be pre-loaded with desirable level of funds.
You can use your custom prepaid credit cards for loyalty and reward tracking, as part of your rebate programs, in product launches, for customer referral programs, as well as in consumer promotions. By customizing your cards, you create a unique awareness and an enhanced loyalty among the cardholders.