There are signs that participation in cardholder loyalty offerings is slipping. Credit unions must reengage members if they hope to retain those accounts.
Discovery Bank in South Africa and other overseas financial companies say healthier customers are more profitable. They are giving reward points, gym subsidies and even free Apple Watches to those who meet fitness goals.
Synchrony wasn’t unscathed by the pandemic — consumer spending slowed during the first half of the year — but its mix of private-label and cobranded cards for everyday items suffered far less than other issuers' cards that emphasized luxury and travel.
JPMorgan Chase is buying Stamford, Conn.-based cxLoyalty, a major credit card loyalty platform, in a bid to enrich its own card loyalty programs when travel resumes following the global pandemic.
Google has redesigned Google Pay to add new financial management and loyalty features; and to offer consumers checking and savings accounts from partner banks and credit unions in 2021.
Visa and JPMorgan Chase & Co. are in the middle of a 10-year merchant services agreement that gives Chase merchants certain advantages with the expected goal of favoring Visa card volume. But it’s not an exclusive arrangement.