Two things intrigue me about a new credit card just introduced by ANZ Panin Bank in Indonesia (more here). The word person in me likes the name: the Infinity card. It speaks possibilities and potential.
The loyalty-marketing observer in me appreciates the earn structure of this rewards card. In addition to points earned by card use, ANZ Infinite also bases rewards on the total value of the customer’s ANZ portfolio. The larger the portfolio–encouraging use of more products and more points of engagement–the more points earned.
This means of rewarding is a good foundation for what we refer to as Total Relationship Banking–rewarding customers for the range of activity with the bank. Another recent example of that comes from Union First Market bank in Virginia, which we cover in “All Aboard” in our most recent issue of COLLOQUY. The earn structure for their Loyalty Banking program runs like this:
- 1 Point for every $100 average monthly balance in Loyalty Checking
- 1 Point for every $200 average monthly balance in Statement Savings, Money Market, CDs and IRAs
- 1 Point for every $2 in signature transactions on debit card
- 1 Point for every $4 in pin-based transactions on debit card
- 1 Point for every $1 of purchase on credit card
As COLLOQUY Contributing Editor Stephanie Cohen points out in the article, “Instead of giving points for just owning a product, Union rewards customers based on their level of engagement with that product…. Hence, customers who keep a larger balance with the bank receive more rewards.”
An interesting twist on the concept of rewarding for the range of the relationship is the PNC Points Credit Card. Customers earn points for card purchases–and those points are multiplied if the cardholders have another PNC product (and certain minimum balances): for example, a 75% bonus if they have a PNC Performance Select checking account, a 50% bonus for a PNC Performance checking account, or a 25% bonus for a PNC Virtual Wallet.
And inherent in this type of value proposition is a soft benefit. More benefit for more business is an implicit way of saying “Thank you” to your most active customers.
