Game changing idea for credit card issuers

Unleash ad campaigns with the tagline, "Wishes can be horses". Then let the ad say, "Please tell us how we can reward you for your loyalty towards ‘X’ Bank’s Cards, and depending upon the feasibility, we will show you the way to get it."

 

The key advantages would be:

 

* substantial increase in card member feed backs with key focus on their desires,

 

* much higher card spends by them to qualify for their desires, 

 

* and above all, unparalleled loyalty for ‘X’ Bank’s cards. 

 

Currently, most of the card issuers in India, follow a strategy of offering set reward points for card usage, followed by a list of rewards to be offered to their card members, depending upon their card usage.

 

But, what if none of the rewards so listed are attractive enough for a card member? What if, someone is looking for home furniture, or sprucing up their house for the forthcoming festive season, or a new car, or a new refrigerator, or any sophisticated kitchen appliance, or a family vacation at a hill resort or a sea beach, but is unable to save enough for the same?

 

In any case he/she will have to spend on certain necessities such as electricity bills, groceries, clothes, business travel, school fees for children, car fuel, car maintenance, medical insurance, medical check ups etc etc, and instead of paying through cash or other payment instruments, why not through ‘X’ Bank’s Cards, to make their "Wishes become horses", and above all at no additional cost?

 

What if someone comes up with the desire, "I want to own a C-class Mercedes Benz or BMW?" 

 

Yes, this could also be possible over a period of time, provided his/her card spends aggregate to ‘N’ amount, and on the other hand, exploring options with these two car companies to offer the best deals. Let us not forget that these two car companies are also locked in a fierce competition in most of the markets, trying to be the preferred brand for their top end prospective customers.

 

One such successful deal, could then be publicized in the media, to arouse such desires among your other card holders, which can then trigger of higher spends among them. Of course, it is  assumed that there would be nil defaults where realizing payments from such card members are concerned, and nil fraudulent transactions.

 

Parallelly, ‘X’ Bank could designate select merchant establishments as ‘preferred establishments’, based on the volumes of credit card acceptance, their location, and quality of their merchandise etc. Such a move would give an enhanced visibility to such merchant establishments, among the card members of ‘X’ Bank, and could finally entail helping such ‘preferred establishments’ grow their respective businesses, without them having to spend much on advertisements etc, besides fulfilling the hidden desires of such card members.